Morning Report


The pair has lost its steam around our detected solid resistance of 127.85, signaling that the bearish harmonic AB=CD pattern has been completed around 161.8% Fibonacci level of BC leg. The sharp declines appearing on the daily chart has been capable of forming bearish candlesticks formation. Therefore, we believe that additional downside actions could be seen today, supported by RSI 14 indicator's negative signal.

The trading range for today is among key support at 124.15 and key resistance now at 128.30.

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 from 126.40 targeting 124.60 and stop loss above 127.85 might be appropriate.