Morning Report


The pair succeeded in reaching the first detected extended technical objective of the rising wedge pattern at 107.30, whist the negative pressure of breaching the harmonic support line of the minor bearish harmonic formation continues. Thereby, more downside actions are to be seen over intraday basis towards 161.8% Fibonacci projection of the rising wedge rally from 105.40 to 112.15 at 105.90 areas. SMA 50 still represents a solid ceiling for the current bearishness.

The trading range for today is among key support at 104.40 and key resistance now at 110.50.

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, selling the pair around 107.80 targeting 105.90 and stop loss above 109.45 might be appropriate.