Morning Report

A recently established bullish channel alongside positive sign on Stochastic is claiming that the positive effect of the harmonic structure - discussed in details in our weekly report- is still in progress. Thereby, potential bullish movements could be seen over intraday basis, supported by the bullish candlestick formation as seen on our provided four-hour chart.

The trading range for today is among key support at 106.50 and key resistance now at 111.90.

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

Support109.45109.00108.50107.60106.50Resistance110.00110.50111.05111.90112.85RecommendationBased on the charts and explanations above our opinion is, buying the pair around 109.45 levels targeting 111.90 and stop loss below 107.60 might be appropriate.