Morning Report


The pair successfully tested the main awaited target at the resistance of the descending channel, which is preventing further incline. At the moment, we need a confirmation for the next intraday direction, where the targets of the bullish technical pattern that was completed by a breach of 120.80 reside above the aforementioned resistance level, on the other hand channel trading principles suggests that the pair may reverse to the downside to resume the overall downside trend, Accordingly, we recommend staying aside and monitor trading around 120.80 support and 122.02 resistance.

The trading range for today may be among the 119.10 support and 123.35 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.