Morning Report


Rebounding from 61.8% Fibonacci of the bat pattern is a very positive indication that the pattern effect is still in progress. Henceforth, we may witness additional upside movements towards 76.4% of CD leg at 114.40 but not before stabilizing above 113.35. A break of this level may send it higher towards C point at 115.40. For today, the bullishness may dominate the direction as far as the pair stabilizes above 112.10 with a four hour closing.

The trading range for today is among key support at 110.95 and key resistance now at 114.40.

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, buying the pair around 112.80 targeting 114.40 and stop loss with a four hour closing below 111.60 might be appropriate.