Morning Report

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The previous mentioned pivotal support areas of 108.50 succeeded in preventing the pair from achieving more bearish actions yesterday but the pair is still trapped below 127.2% Fibonacci projection levels of the XA leg of our captured bearish harmonic butterfly pattern. Thus, the bearishness is still in favor over intraday basis, while the bigger picture of resuming the negative classical scenario of the rising wedge is still valid, aiming to reach its extended technical objectives, seen on the provided four hour graph.

The trading range for today is among key support at 106.80 and key resistance now at 111.60.

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

Support109.05108.50108.00107.30106.80
Resistance110.00110.50111.05111.35111.60
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 109.45 targeting 107.30 and stop loss above 110.75 might be appropriate.