Morning Report


Despite that sharp inclines occurred yesterday, but the pair is presently moving near 127% Fibonacci level of XA leg for the suggested harmonic structure. Actually, all Fibonacci levels that controlled the pattern show that, it is a Crab pattern. Therefore, there is a chance for reaching its PRZ at 161.8%. Hence, our outlook is neutral until we see the price actions around 127% Fibonacci level to define if it will reverse from there or additional bullishness could take the pair towards 142.30 zones.

The trading range for today is among key support at 136.20 and key resistance at 143.60.

The general trend over 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, waiting until a clear sign to appear in order to pinpoint the coming big move.