Morning Report

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The pair could have been able to touch the upper line of the secondary corrective upside channel seen on our provided daily chart, but we believe that it might start moving downwards over intraday basis to resume the IM wave, which organizes the CD leg of the proposed harmonic formation. Henceforth, possible downside actions could be seen today.

The trading range for today is among key support at120.90 and key resistance now at 125.50.

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

Weekly Report Previous Report

Support123.15122.45122.10121.80121.15
Resistance123.55124.15124.60125.00125.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 123.15 targeting 121.10 and stop loss above 125.00 might be appropriate.