Morning Report

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The pair continues to fluctuate around the previously breached support at 121.00, while daily closing remain below the level, whilst stochastic is losing the bullish momentum among the narrow trading stance, Accordingly, we maintain our expectations for a downside move today supported by the negative pressure from the 50 EMA. Breaching 121.40 may delay acquiring the awaited move.

The trading range for today is expected among the key support at 117.95 and the key resistance at 122.25.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Support120.00119.30119.00117.95117.40
Resistance121.00121.40122.25122.60123.15
RecommendationBased on the charts and explanations above we recommend selling the pair around 121.00 targeting 119.30 and stop loss with four-hour closing above 121.40 may be appropriate