Morning Report


The pair is still trading within the same trading range between the 38.2% and 50.0% retracements of the XA leg of the bat harmonic pattern which is expected to complete around 108.40 level. Despite that stochastic is positive, the ADX tends to move in descending channel where the D- above D+, therefore, we believe that the pair will move to the downside during the day, and the coming period.

The trading range for today is among the major support at 111.05 and the major resistance at 117.30

The short term trend is to the downside, targeting 97.50 as far as 132.50 level remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 115.75 targeting 112.90 and stop loss above 117.10 might be appropriate.