Morning Report

/

The CD leg of a suggested Gartley pattern might be in progress over four-hour interval as seen on the provided chart. We look at this pattern as a corrective pattern on shorter time frame inside the bigger picture of the daily chart-check the weekly report-. The PRZ of this pattern reside around 110.90, where it could meet 127% of BC leg. There are three technical factors that support the potential downside actions today:

1-Coming beneath SMA 50.

2-Stochastic is trending downwards.

3-AROON gave us a bearish sign.

The trading range for today is among key support at 110.50 and key resistance now at 115.45.

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

Support112.55112.10111.50111.05110.90
Resistance113.15113.60114.00114.25114.75
RecommendationBased on the charts and explanations above our opinion is, selling the around 113.00 targeting 111.20 and stop loss above 114.30 might be appropriate.