Morning Report

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Trading rebounded to the upside to breach again the resistance of the descending channel as shown on image, followed by a daily closing above the level, thus we expect a bullish reversal, targeting mainly at 122.60 while a breach of 122.60 will confirm the bullish technical pattern we mentioned in our previous reports. Stochastic and the 50 EMA are supporting the bullish bias. The scenario requires 121.45 to remain intact.

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.

Previous Report

Weekly Report

Support121.45121.00120.35119.75119.10
Resistance122.60123.35124.00124.65125.30
RecommendationBased on the charts and explanations above we recommend buying the pair with a breach above 122.60 targeting 125.30 and stop loss below 121.45 may be appropriate.