Morning Report

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Of course, the pair didn't incline from the awaited Fibonacci level of 161.8% Fibonacci of XA leg for the duplicated harmonic structure exactly, but the sharp inclines from 105.40 zones took it again to close steadily above the aforesaid levels. Thus, we think that the pattern is activated supported by the positive signs appearing on Stochastic and AROON. Consequently, potential upside movements could be witnessed over intraday basis.

The trading range for today is among key support at 105.40 and key resistance now at 110.00.

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

Support107.05106.50105.90105.75105.40
Resistance108.00108.50109.00109.35110.00
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 107.15 targeting 109.35 and stop loss below 105.40 might be appropriate.