Morning Report

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The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.

Trading settled above the pivotal support at 120.75 as shown on the four-hour chart above, and this could be an indication for an intraday upside reversal as trading settled above the 50 EMA. On the other hand, momentum indicators over four-hour basis are clearly overbought thus may push price to the downside again , therefore, we recommend staying aside for now and monitor trading among the 120.75 support and 121.70 resistance.

The trading range for the week may be among the 120.00 support and123.15 resistance.

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

Previous Report

Weekly Report

Support120.75120.00119.50119.00117.95
Resistance121.55122.20122.60123.15123.90
RecommendationBased on the charts and explanations above, we recommend staying aside awaiting more confirmations