Morning Report


The pair has been capable of penetrating the pivotal resistance areas of 123.60, opening the door up for forming a duplicated harmonic structure which is to find potential reversal zones around 161.8% Fibonacci level around 126.70 zones. Thus; possible upside movements could be seen over intraday basis, supported by positive sign appearing on AROON.

The trading range for today is among key support at 121.70 and key resistance now at 127.40.

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, buying the pair from 123.80 targeting 125.90 and stop loss below 122.10 might be appropriate.