Morning report

Finally, the momentum indicators have been relieved as we discussed yesterday. Now the pair is preparing to breach the key resistance level, gathering the momentum it needs to activate the minor detected harmonic formation as seen on our provided four-hour chart. A break of 130.80 -value of SMA 20- will assist it to breach the minor declining channel. Hence we keep our intraday outlook to the upside over the intraday basis.

Trading range for today is among key support at 126.70 and key resistance now at 134.15.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 130.40 targeting 132.50 and stop loss below 128.80 might be appropriate.