Morning Report


Three technical facts can't be ignored when we look at our chart, the cluster resistance around 125.20, the bearish harmonic formation and the bearish sign appearing on RSI 14. Therefore, potential downside actions could be witnessed today.

The trading range for today is among key support at 122.80 and key resistance now at 127.40.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 124.65 targeting 122.55 and stop loss above 126.35 might be appropriate.