Morning Report


The minor bearish harmonic butterfly pattern, which we studied together in the previous report sent the pair aggressively downwards after achieving the awaited negative closing below 109.45 over four hour interval. Henceforth, the bigger classical picture of reaching the extended technical objectives of the rising wedge pattern remains intact as we still believe that further bearishness could be seen today,targeting 127.2% or may be 161.8% of the upside rally from 105.40 to 112.15. Indicators argue us to keep the negative scenario unchanged.

The trading range for today is among key support at 106.15 and key resistance now at 111.05.

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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 108.95 targeting 105.90 and stop loss above 110.65 might be appropriate.