Morning Report

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From an area that is very close to 127% Fibonacci of XA leg, where it met 261.8% of BC leg for the duplicated bullish harmonic structure, the pair inclined sharply. It succeeded in forming a clear positive candlestick formation alongside positive crossover that is appearing on Stochastic. Thereby, we can say that the CD leg which we used during the past 2 weeks to define our successful bearish anticipations is completed. Technical targets for today's suggested bullish scenario reside at 111.05, followed by 112.10 zones.

The trading range for today is among key support at 107.60 and key resistance now at 112.80.

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

Previous Report

Weekly Report

Support109.45109.05108.55108.00107.60
Resistance110.50110.90111.05111.60112.10
RecommendationBased on the charts and explanations above our opinion is, buying around 109.70, targeting 111.55 and stop loss below 108.25 might be appropriate.