Morning Report

/

Consecutive ascending movements supported our yesterday's harmonic speculations, where we suggest that the duplicated bullish harmonic structure has formed its PRZ-potential reversal zones-. The pair succeeded in reaching our first detected technical objective at 111.05-check previous report-. Presently, the continuous positive signs appearing on indicators and the break of yesterday's high offers the probability of reaching the second technical target at 112.10-112.25 zones and might extend towards the pivotal resistance of 112.80. To recap, more bullishness is awaited today.

The trading range for today is among key support at 108.50 and key resistance now at 113.60.

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

Support110.50110.00109.45109.05108.50
Resistance111.50112.10112.80113.15113.60
RecommendationBased on the charts and explanations above our opinion is, buying around 110.75, targeting 112.80 and stop loss below 109.05 might be appropriate.