Morning report


The pivotal support zones of 23.6% Fibonacci level have proved its strength that forced the pair to form an obvious candlestick formation, while Stochastic has positively overlapped. Thus, a potential CD leg of a proposed [BAT] pattern is under construction for the time being, targeting 147.40 zones; thereby, the intraday outlook is to the upside. A break of 145.50 will accelerate the highly predicted bullishness.

Trading range for today is among key support at 140.00 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, buying the pair from 144.30 targeting 146.80 and stop loss below 142.25 might be appropriate.