Morning Report


The continuation classical pattern appearing on the provided four-hour chart revives that, the bearish pressure which we explained in details of the daily charts several times before might continue. Thus; we believe that potential bearish actions could be seen over the intraday basis while we should note that the apex of the pattern meets the pivotal support level of 120.90 and it should be breached to confirm the scenario.

The trading range for today is among key support at 118.65 and key resistance now at 125.50.

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 with a breakout below 120.90 targeting 119.40 and stop loss above 122.20 might be appropriate.