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The daily charts proved the classical head and shoulders bottom pattern as seen on our provided chart. The long white candlestick that has been formed yesterday succeeded in closing above the neckline added further bullish confirmation, Therefore, possible positive actions could be witnessed over intraday basis but we should see some kind of fluctuations because of momentum indicators.

The trading range for today is among key support at 125.00 and key resistance now at 129.80.

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

Support127.30126.80126.35125.50124.90
Resistance127.75128.35129.00129.30130.00
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 127.30 targeting 129.30 and stop loss below 125.80 might be appropriate.