Morning Report


The pair moved slightly to the upside, and currently trading below the SMA 20 & 50 which are attempting to crossover negatively while Stochastic provided a negative crossover already which confirms that the harmonic pattern is still valid. This formation is likely to pressure the pair to the downside to test 38.2% correction of CD and breaching this correction at 0.8540 will extend the bearishness towards 50% then the second harmonic target at 61.8% around 0.8460.

The trading range for today is among the key support at 0.8410 and key resistance now at 0.8700.

The general trend over short term basis is to the downside targeting 0.7780 as far as areas of0.8965remain intact.

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RecommendationBased on the charts and explanations above, our opinion is selling the pair around 0.8570 targeting 0.8460 and stop loss with four-hour closing above 0.8635 might be appropriate today