Morning Report


The subsidiary chart of the four-hour interval shows how the bearish harmonic formation, discussed in yesterday's report has taken the pair to maintain levels below 124.15. Now, additional negative actions could be witnessed over intraday basis obtained from our suggested Elliott count for the daily basis, while the breakout of the harmonic uptrend line adds further bearish confirmation.

The trading range for today is among key support at 121.70 and key resistance now at 127.30.

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 124.15 targeting 122.10 and stop loss above 125.65 might be appropriate.