Morning Report


From the expected cluster resistance areas between 61.8% Fibonacci of XA leg and 127% Fibonacci of BC leg, the pair collapsed downwards approaching the first technical target at 123.10. Presently, the daily closing-secondary image- encourages us to keep our suggested bearish harmonic scenario over intraday basis towards the second technical at 121.70, particularly if it succeeded to come below SMA 50.

The trading range for today is among key support at 120.65 and key resistance now at 126.10.

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 123.60 targeting 121.85 and stop loss above 125.00 might be appropriate.