Morning Report


Yesterday's inclines have caused a decisive breakout above the initial resistance of137.30 zones, opening the door for a harmonic CD leg of a harmonic pattern to be completed as seen on the provided four-hour chart. RSI 14 is approaching overbought areas and that might cause some kind of fluctuation but AROON proves the strength of the potential upside movements over intraday basis.

The trading range for today is among key support at 133.60 and key resistance at 141.50

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, buying the pair from 137.30 targeting 140.00 and stop loss below 135.50 might be appropriate.