Morning Report

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The pair continues to fluctuate around 121.75 level, currently trading settled below the level and below the 50-days Moving average, however above the previously breached descending resistance (colored in brown). Stochastic has just dipped within oversold areas, therefore and due to the mixed technical signals, we will monitor trading this morning awaiting a clear breach signal.

The trading range for the day may be among the 119.00 support and 123.00 resistance.

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

**GMT+2 Candlesticks**

Support121.30121.00120.70120.00119.35
Resistance121.75122.30122.60123.00123.90
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations.