Morning Report


Yesterday's bearish engulfing candlestick pattern, which is seen obviously on the secondary daily chart signaled that, the allover bearishness of the negative harmonic AB=CD pattern might continue over intraday basis. Stochastic might cause some kind of fluctuation but a break of 134.90 will accelerate this awaited descending wave.

The trading range for today is among key support at 131.60 and key resistance at 139.10.

The general trend over the short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 135.80 targeting 133.60 and stop loss above 137.40 might be appropriate.