Morning report

The sharp inclines have activated the minor inverted head and shoulders pattern that may be able to confirm the harmonic structure which still has targets to be reached around 132.50 and may extend further towards 134.15 areas. As we see on the provided four-hour chart that the pair is moving freely above SMA20 - currently valued at 130.70 [resistance turned into a solid support], confirming the intraday bullish scenario.

Trading range for today is among key support at 128.30 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 131.20 targeting 133.15 and stop loss below 129.70 might be appropriate.