Morning Report

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The pair continues to trade within a narrow range since yesterday settling below the previously breached 119.30 level, in addition to the resistance of the main descending channel at 119.80. Therefore, we hold onto our bearish expectations supported by the 50-EMA, and targeting 117.95 followed by 116.8. Steady trading below 119.80 is required.

The trading range for the day is expected among the key support at 116.80 and the key resistance at 120.30.

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

Previous Report

Weekly Report

Support117.95117.40116.80116.25115.40
Resistance119.30119.80120.225120.65121.35
RecommendationBased on the charts and explanations above we recommend selling the pair around 119.30 targeting 117.95 and 116.80, stop loss with four-hour closing above 120.30 may be appropriate