Morning report

As we discussed before, the pair is in real need for an upside bounce to relieve the RSI 14 indicator -momentums- before resuming the major downtrend action of the head and shoulders top pattern. The four-hour chart shows that it succeeded to build a technical base to start the retracement journey, particularly if it succeeded to breach 61% Fibonacci level as seen on the secondary image. Therefore an upside movement is highly predicted on the intraday basis, targeting 152.80 zones.

Trading range for today is among key support at 145.50 and key resistance at 155.80.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

Support150.00149.30148.75147.85147.30
Resistance150.65151.60152.30152.80153.60
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 150.00 targeting 152.60 and stop loss below 147.90 might be appropriate.