Morning Report

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The pair is moving between 61.8% and 76.4% Fibonacci levels for the bearish rally from 145.00 to 139.35 zones, as seen on the provided four-hour chart. Classically speaking, potential bearish pattern is under preparation but a breakout below the neckline of the pattern around 142.75 areasis neededto confirm this construction. Stochastic might help it to achieve downside movements over intraday basis.

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 146.20 areas remain intact.

Weekly Report Previous Report

Support142.75142.35141.50140.80140.50Resistance143.60144.25145.00145.50146.20RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 142.75 targeting 140.00 and stop loss above 144.90 might be appropriate.