Morning Report

The pair is struggling around the uptrend line inside the trading range areas as seen on the provided four-hour chart. This range is still dominating the movements and thus; it might provide the pair with the support it needs to activate the bullish scenario of the BC leg for the harmonic AB=CD pattern. This time we need a breakout above 133.90-134.00 to confirm theproposedinclines over intraday basis, while areas of 132.50-132.00 should hold to protect our overview.

The trading range for today is among key support at 130.50 and key resistance at 137.30.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Weekly Report Previous Report

Support133.60133.15132.50132.00131.60Resistance133.90134.80135.50136.20136.80RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 133.90 targeting 136.20 and stop loss below 132.00 might be appropriate.