Morning report


Our Friday's proposed harmonic AB=CD formation has taken the pair to reach the projected technical target at 133.85 zones. Currently, the candlestick formation, alongside the negative signs that started to appear on momentum and trend indicators, offer potential downside movement on the intraday basis. A stable move below 133.60 might bring panic descending movements towards the objective of this suggested scenario at 131.95 zones.

Trading range for today is among key support at 130.50 and key resistance now at 137.40.

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, selling the pair from 134.15 targeting 132.10 and stop loss above 135.50 might be appropriate.