Morning Report


The classical pattern, which has been formed on the four-hour chart, encourages us to say that the bearish harmonic structure has been completed. The bearish candlesticks formation supports the technical idea thatpossible negative movements could be seen over intraday basis. A break of the uptrend line of our bullish channel might cause some kind of acceleration.

The trading range for today is among key support at 139.10 and key resistance at 145.50.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.75 areas remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 143.60 targeting 141.50 and stop loss 145.30 might be appropriate.