Morning Report


The pair continued its decline and couldn't bounce from 127% Fibonacci level of XA, according to our yesterday's proposed scenario of the harmonic structure. We do have some positive technical that could cause a sharp bounce as follows:

1- The pair is very close to 161.8% Fibonacci of XA leg which is valued at 107.07 exactly.

2- The level of 107.30- recorded low of June 29- represents a solid support.

3- Stochastic is moving within oversold areas.

But on the other hand, a breakout below 107.00 zones could cause panic sell-off actions. So we are forced to suggest a neutral outlook today.

The trading range for today is among key support at 105.45 and key resistance now at 109.50.

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, waiting until a clear sign to appear in order to pinpoint the coming big move.