Morning Report

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The pair rallied to surpass 117.95 affected by positivity on momentum indicators, further gains is expected for a possible test of the resistance of the main descending channel now at 119.10. In general, steady trading within the channel keeps our intraday bearish expectations valid, the 50 EMA supports bearishness, and main targets start at 116.25 and require steady trading below 119.10.

The trading range for the day is expected among the key support at 115.40 and the key resistance at 119.10.

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

Weekly Report

Support117.95117.40116.80116.25115.40
Resistance118.70119.10120.00120.25120.95
RecommendationBased on the charts and explanations above we recommend selling the pair around 119.10 targeting 117.95 and 116.80, stop loss above 120.25 may be appropriate.