Morning Report

The pair is still supported above the key support level over shot term basis of 76.4% Fibonacci at 141.70 while the RSI 14 -currently valued at 27.00- is still in need for a relief. Hence, we keep our overview to the upside to activate the re-testing action for the neckline of the classical pattern. AROON down has already penetrated the value of 70.00 downwards, supporting the positive scenario.

The trading range for today is among key support at 138.70 and key resistance at 147.00.

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

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 141.60 targeting 144.10 and stop loss below 139.70 might be appropriate