Morning Report

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In line with our suggested classical scenario, the pair moved downwards aggressively after re-testing the broken uptrend line from below. These bearish movements support the bigger bearish scenario of the harmonic formation, which still has technical targets to be reached. Accordingly, we keep our outlook to the downside today, supported by AROON down.

The trading range for today is among key support at 122.10 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

Support124.15123.60123.15122.80122.10Resistance124.65125.00125.50126.30126.80RecommendationBased on the charts and explanations above our opinion is, selling the pair from 124.60 targeting 122.35 and stop loss above 125.90 might be appropriate.