Morning Report


The pair is fluctuating around the breached descending trend line which is currently a support and below the 50-days Moving Average, while a possible short term bullish falling wedge may be forming in addition to the positivity on stochastic, therefore we anticipate a breach above 121.75 again to expect an intraday bullish move for today.

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**

RecommendationBased on the charts and explanations above we recommend buying the pair with four-hour closing above 121.75 targeting 122.60 and 123.10 , stop loss with four-hour closing below 121.20 may be appropriate