Morning Report


The support line of the ascending channel helped the pair to bounce mildly yesterday but the pair is still negatively affected by the bearish harmonic formation, while another bearish structure has been completed on Stochastic of the four-hour charts. Thus; we still expect possible bearish movements over intraday basis.

The trading range for today is among key support at 121.70 and key resistance now at 127.30.

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 with a breakout below 124.65 targeting 122.85 and stop loss above 126.20 might be appropriate.