Morning report


The positive candlesticks structure alongside the solid support that the pair has found around 132.00 zones argue us to say that an upside correction is highly predicted over intraday basis towards the upper line of the bearish channel before resuming the downside rally of the harmonic formation. RSI 14 and Stochastic support this temporarily bullish speculation.

Trading range for today is among key support at 131.00 and key resistance now at 136.40

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 132.40 targeting 133.60 and stop loss below 131.60 might be appropriate.