Morning Report


The pair is trading within an ascending correctional channel, after touching the resistance of the channel, a downside move toward the channel's support was anticipated. On the other hand, stochastic is providing positive signs pushing the pair to the upside in addition to the support provided by the 50 EMA. Therefore, we need to remain neutral for now and monitor trading around the sensitive levels among the 124.25 support and 125.65 resistance for further confirmation.

The trading range for the day may be among the 123.00 support and 127.00 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.