Morning Report


The pair reached slightly above 120.00 before reversing again as shown on image, where stochastic is clearly negative, however, the pair is attempting to get rid of the negativity. Accordingly, we may witness a slight decline for a possible test of 119.15-119.10 before heading to resume the intraday upside move for today targeting initially 120.80. Breaching 119.10 may delay the awaited bullishness.

The expected trading range for the day is among the key support at 118.10 and the key resistance at 122.40.

The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.

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RecommendationBased on the charts and explanations above we recommend buying the pair around 119.10 targeting 120.80 and stop loss below 118.10 may be appropriate.