Morning Report

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In line with our previous report, Stochastic succeeded in overlapping positively as seen on the provided four-hour chart. This positive crossover confirms the solidity of the support line for the trading range areas and therefore, we still believe that potential upside movements could be witnessed over intraday basis, supported by our captured duplicated bullish harmonic pattern. A break of 110.50 zones could bring aggressive upside wave.

The trading range for today is among key support at 107.30 and key resistance now at 112.10.

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

Support109.50109.25108.50108.00107.60
Resistance110.00110.50110.80111.05111.60
RecommendationBased on the charts and explanations above our opinion is, buying the around 109.70 targeting 111.60 and stop loss below 108.20 might be appropriate.