Morning Report


The pair continues facing 76.4% of CD of the bat pattern and thus, we believe that the several attempts to breach the aforementioned level could send it to reach 88.6% Fibonacci at 114.40, where it meets the major harmonic resistance. Once it breaches 113.35, we may witness an obvious upside wave due to the effect of the bullish bat pattern. Momentum indicators are very close to overbought zones and Stochastic is negative and that is why areas of 112.05 should hold to keep our anticipations valid.

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 113.00 targeting 114.40 and stop loss with a four hour closing below 112.05 might be appropriate.