Morning Report


The bearish candlesticks formations appearing on the provided four-hour chart under the negative pressure obtained from 61.8% Fibonacci level of XA leg assist the pair to decline during the Asian session. Thus; we see chance for achieving potential downside actions over intraday basis towards the technical objective of the pattern at 121.70 zones

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 123.80 targeting 121.85 and stop loss above 125.15 might be appropriate.