Morning Report

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The pair settles below 122.60 level which is a neckline for a bullish technical pattern that was breached previously as shown on image, and this is a sign that the pattern is no longer valid. As a result, we expect more downside pressure today supported by the 50 EMA , however we may see some fluctuations due to the positivity on stochastic before heading lower toward 121.30 and 120.35 targets.

The trading range for the day may be among the 119.85 support and 123.90 resistance.

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

Previous Report

Weekly Report

Support122.00121.30121.00120.35119.75
Resistance122.60123.15123.90124.30124.95
RecommendationBased on the charts and explanations above we recommend selling the pair around 122.60 targeting 120.35 and stop loss above 123.90 may be appropriate.