Morning Report

Whenwe add the harmonic technical pattern to the classical one, discussed in our previous reports, we see that the harmonic technical pattern has formed an AB=CD pattern shown above. A retest of the first target for the pattern represented in 38.2% correction has been achieved at 1.3105, but negative signs are appearing on the pair and are expected to continue the bearish trend due to this pattern's affect to reach the second target shown in 61.8% correction at 1.2960. In result, we expect a bearish trend over an intraday basis that maintains trading possibilities intact below 1.3230over the four-hour interval.

The trading range for today is among the key support at 1.2960 and the key resistance at 1.3305.

The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3140 targeting 1.2960 and stop loss above 1.3230, might be appropriate.