Morning report


Coming below 61.8% Fibonacci level confirms the continuation of the downtrend of the short term basis which represents the CD leg of our suggested harmonic [Bat] pattern. Thereby we expect additional downside actions over intraday basis, targeting 141.60 areas. Note that the candlesticks formation support this anticipated negative scenario.

Trading range for today is among key support at 139.70 and key resistance at 150.60.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 144.85 targeting 142.40 and stop loss above 146.80 might be appropriate.