Morning Report

Calm trading is dominating the pair's movement since yesterday, however with a slight upside bias that grabbed the pair to retest 117.95. In general, we maintain our bearish intraday expectations counting on stability within the main descending channel shown on image, besides the negative pressure by the 50 EMA, taking into consideration that breaching 119.30 shall delay acquiring the awaited targets that start at 116.25.

The trading range for the day is expected among the key support at 115.40 and the key resistance at 119.30.

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

RecommendationBased on the charts and explanations above we recommend selling the pair around 117.95 targeting 116.25 and 115.00, stop loss with four-hour closing above 119.30 may be appropriate