Morning Report

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The pair collapsed yesterday, forming bearish candlestick formation as seen on the provided daily chart. This negative formation has confirmed the negative effect of the bearish harmonic AB=CD pattern. A break of 124.15 will bring additional descending movements and we believe that, it will breach it and will be able to activate the proposed bearishness over intraday basis.

The trading range for today is among key support at 121.70 and key resistance now at 126.80.

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

Support124.15123.65123.15122.45121.70
Resistance124.60125.25125.50126.20126.80
RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 124.15 targeting 122.45 and stop loss above 125.55 might be appropriate.