Morning Report

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The pair rebounded to close yesterday above the retest level at 120.80 thus delaying the the invalidation of the bullish technical pattern . In general, we will count on the descending resistance of the main descending channel to anticipate a downside move for today, however we need to see a four-hour closing below 120.80 and steady trading below 121.95 to confirm the move.

The trading range for today may be among the 118.10 support and 123.35 resistance.

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

Previous Report

Weekly Report

Support120.80120.40120.00119.10118.75
Resistance121.95122.40123.35124.00124.65
RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 120.80 targeting 118.10 and stop loss above 121.95 may be appropriate.