Morning Report


The pair is currently seeking potential reversal zones for the chart shown above duplicated harmonic formation. We believe that 61.8% Fibonacci level could be able to act this role. Henceforth, potential bearish actions could be witnessed over intraday basis from around 124.60 zones, supported by the overbought sign appearing on RSI 14 indicator. Areas of 125.50 should hold to protect this suggested scenario, otherwise we will change our overview for today.

The trading range for today is among key support at 121.30 and key resistance now at 127.35.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 124.60 targeting 123.10 and stop loss above 125.55 might be appropriate.