Morning Report


After covering the gap, the pair inclined yesterday forming a positive candlestick formation. Henceforth, the bullish classical pattern inverted head and shoulders came back into focus but we still need a decisive breakout above 127.85 to be confirmed that the pair could visit 130.65 areas -technical target of the classical pattern-. This technical fact forces us to keep the neutral outlook over intraday basis until this breakout occurs.

The trading range for today is among key support at 124.15 and key resistance now at 129.30.

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, staying aside until the pair shows a clear sign for the coming big move.