Morning Report

A geometric harmonic pattern that is rarely appears on the small time interval seems to be in progress. It is the 5-0 pattern, which is dominated by Fibonacci symmetry as seen on our provided graph. The BC in this pattern appeared on 127.2% instead of 261.8% and thus, the PRZ may be seen at 61.8% or 76.4% of BC leg. In result, more downside actions could be seen over intraday basis to resume the backlashes started at C point.

The trading range for today is among key support at 107.75 and key resistance now at 111.65.

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 110.00 targeting 108.35 and stop loss above 111.30 might be appropriate.