Midday Report


The pair found good support at 121.00 which prevented it from acquiring further downside targets, where trading goes back and fluctuate around the resistance of the main descending channel and price is trading outside the channel at the moment, and this is may be a potential upside turning point , where a possible bullish technical pattern may be in progress as shown on image. However , breaching the channel was through a range trading stance thus we prefer being neutral for now and monitor trading within the upcoming short period specifically around the neckline of the suggested bullish pattern at 122.60 and the resistance of the descending channel at 121.55.

The trading range for the day may be among the 120.35 support and 124.00 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.