Morning Report

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The pair tested 122.00 and reversed, where fluctuations and some downside correction may be seen before resuming bullishness today targeting the 23.6% Fibonacci at 122.25, 122.25 should be monitored carefully as its a potential reversal area.

The trading range for the day is expected among the key support at 120.15 and the key resistance at 123.80.

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

Weekly Report

Support121.20120.70120.15119.50119.10
Resistance121.75122.25122.60123.15123.80
RecommendationBased on the charts and explanations above we recommend buying the pair around 120.70 targeting 122.25 and stop loss below 120.00 may be appropriate