Morning Report


The pair showed some evidences that our suggested bearish scenario of Grtley pattern is still valid. Thus; more descending actions could be seen over intraday basis towards the scientific technical target of the potential reversal zones of the pattern at 110.90 zones. These evidences are shown below as follows.

1-Coming below SMA 50.

2-The bearish candlestick formation.

3-AROON bearish sign.

The trading range for today is among key support at 110.50 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.

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RecommendationBased on the charts and explanations above our opinion is, selling around 113.15 targeting 11.05 and stop loss above 114.75 might be appropriate.