Morning Report

width=640

Trading settled above the critical resistance at 121.70 as shown in red, therefore, we expect a bullish move today, where the 50 EMA is supporting the pair from downside, mentioning that two conditions are required to maintain the upside bias; breaching 122.30 and steady trading above 121.70.

The trading range for the day may be among the 120.00 support and 124.05 resistance.

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

Support121.70120.75120.00119.50119.00
Resistance122.25123.15123.90124.10124.65
RecommendationBased on the charts and explanations above we recommend buying the pair around 121.70 targeting 123.80 and stop loss with four-hour closing below 120.70 may be appropriate