Morning report


The breakout occurred above the key resistance levels of 145.50 -161.8% Fibonacci level-, accompanied by bullish candlestick formation encourages us to keep our yesterday's bullish scenario over intraday basis. It seems that, the CD leg of our detected harmonic AB=CD pattern is seeking for a completion around 261.8% at 148.60. Stochastic and AROON support this potential positive overview.

Trading range for today is among key support at 141.50 and key resistance at 151.75.

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, buying the pair from 146.20 targeting 148.60 and stop loss below 144.40 might be appropriate.