Morning Report


The secondary image of the four hour time scale proves the solidity of the resistance line of the suggested rising wedge pattern, which forced the pair to move downwards during the Asian session. In the interim, the pair couldn't achieve a daily closing above the key resistance levels of 111.60, proving that it is losing the upside momentum, where we still look at the recent upside move from 108.25 to the current levels as a corrective wave inside the entire corrective structure of B wave. Therefore, we keep our bearish outlook over intraday basis unchanged and all what we need is a four hour closing below 111.60 to assist the pair to revisit 110.50 areas followed by 109.45 zones.

The trading range for today is among key support at 109.45 and key resistance now at 114.25.

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, selling the pair with a breakout below 111.60 targeting 109.45 and stop loss above 113.20 might be appropriate.