Morning Report


The neutral stance yesterday is intact alongside volatile sideway trading that had occurred, where we see that the pair slightly descended but remains trading above the 20 MA around 126.90; the harmonic formation also shows that the pair will continue forming the CD leg for the harmonic pattern, which has taken the AB=CD form. Bullish signs on momentum indicators make us expect a general bullish move affecting today's intraday trading sincetrading is stable above 126.30.

The trading range for today is expected between the key support at 124.60 and the key resistance at 129.10.

The short term trend is to the downside targeting 115.00 as far as 132.50 remains intact.

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 126.90 targeting 129.10 and stop loss below 125.60, might be appropriate.