Morning Report


Finally, the pair succeeded in achieving a daily closing above 76.4% of CD leg of the bullish bat pattern. This closing confirms the bullishness towards 88.6% of the same leg at 114.40 zones, which represent the horizontal harmonic resistance. In general, trading should remains above 112.80 over intraday basis and above 112.05 to keep the bullishness of the harmonic formation valid. Stochastic is positive despite of approaching overbought areas.

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.