Morning Report


Affected by the bearish harmonic formation appearing on the four-hour chart, the pair declined, where it touched the first technical objective at 38.2% Fibonacci level. Now, a bearish channel has been created, while a harmonic structure has been completed on Stochastic and at the same time, the pair is touching the resistance level of the channel. Thereby, potential downside actions could be seen today, retargeting 140.90 zones followed by 140.00.

The trading range for today is among key support at 139.10 and key resistance at 146.20.

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 142.90 targeting 140.65 and stop loss above 144.80 might be appropriate.