Morning Report

According to the previous explained classical scenario of the inverted head and shoulders pattern we still think that the pair is to continue its projected bullishness towards the technical target of the pattern which meets the technical target of the bullish harmonic pattern around 134.15 after being supported above the short term key support zones of 132.50. We can't neglect the possibility of re-testing the neckline to relief momentum indicators. SMA 20 protects the positive scenario over intraday basis.

The trading range for today is among key support at 128.30 and key resistance now at 135.50.

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 132.70 targeting 134.15 and stop loss below 131.50 might be appropriate