Morning Report

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The heavy positive divergence appearing on the secondary four-hour chart, proves that the pair is presently forming a solid technical base that will move upwards over an intraday basis. This expected bullishness is based on the bullish harmonic AB=CD pattern of the daily basis. Therefore, the bullishness is in favor over intraday basis.

Trading range for today is among key support at 121.90 and key resistance now at 128.35.

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

Weekly ReportPreviousReport

Support125.00124.50123.90123.10122.70
Resistance125.80126.50127.00127.40128.35
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 125.00 targeting 126.70 and stop loss below 123.50 might be appropriate.