Morning Report

In line with our yesterday's reports, the pair slipped downwards creating a minor descending channel as seen on the provided four-hour chart. The bearish effect of the duplicated harmonic formation might continue over intraday basis, supported by the bearish sign appearing on AROON. As far s 114.40 remains intact we could see more declines.

The trading range for today is among key support at 108.50 and key resistance now at 114.75.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support111.35111.05110.50109.45108.50Resistance112.00112.85113.15113.60114.00RecommendationBased on the charts and explanations above our opinion is, selling the pair from 112.10 targeting 110.00 and stop loss above 113.70 might be appropriate.