Morning Report

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A typical re-testing action for the broken neckline of our suggested double top formation is currently occurring as seen on the provided four-hour chart. The secondary image shows this aforesaid scenario. Thus; we believe that the pair might start its projected bearishness over intraday basis, supported by the negative pressure which is obtained from the bearish harmonic structure.

The trading range for today is among key support at 120.00 and key resistance now at 126.35.

The general trend over the short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support122.80122.10121.70120.90120.00
Resistance123.60124.15124.65125.00125.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.20 targeting 121.30 and stop loss above 125.00 might be appropriate.