Morning Report

In addition to the bearish picture of the suggested Elliott count on the weekly charts which we explained in details yesterday, Stochastic of the four-hour interval has developed a potential bearish harmonic pattern, accompanied by a negative crossover. Thus; possible bearishness could be witnessed over intraday basis. A break of 132.80 could accelerate these awaited descending actions.

The trading range for today is among key support at 129.80 and key resistance at 137.30.

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

Weekly Report Previous Report

Support132.80132.50131.55130.50129.80Resistance133.60134.25134.90135.50136.20RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below132.80 targeting 129.80 and stop loss above 135.00 might be appropriate.