Morning Report

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Narrow trading continues, where the pair continues to fluctuate around the 50 EMA since yesterday hinting the low volume levels within this period. Accordingly, we maintain our bullish intraday scenario, counting on stability above the breached descending channel and upside targets start at 124.25.

The trading range for this week is expected among the key support at 119.30 and the key resistance at 124.25.

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

Support121.75121.25120.70120.00119.30
Resistance122.25122.60123.15123.80124.25
RecommendationBased on the charts and explanations above we recommend buying the pair with four-hour closing above 122.25 targeting 124.25 and 125.65 and stop loss below 120.75