Morning Report

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The pair is presently hitting the lower line of our caught ascending channel as seen on the provided four-hour chart, while Stochastic has already crossed over negatively. Therefore, further bearishness could be seen today, affected by the bearish harmonic formation. The potential support level resides at 134.45-Envelopes' southern edge-.

The trading range for the week is among key support at 133.60 and key resistance at 139.10.

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

Weekly Report Previous Report

Support135.00134.60133.60132.90132.00
Resistance136.20137.30138.00138.40139.10
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 135.80 targeting 133.70 and stop loss above 137.40 might be appropriate.