Morning Report


The secondary image of the four-hour interval shows that, the pair is presently attacking the lower line of the minor ascending channel, accompanied by bearish candlesticks structure. Thus; the bearish effect obtained from the negative harmonic formation is still in favor over intraday basis, retargeting 146.20, followed by 145.50 zones.

Trading range for the week is among key support at 143.20 and key resistance at 153.40.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 148.60 targeting 146.20 and stop loss above 150.60 might be appropriate.