Morning Report

The pair declined yesterday, but from a pure technical harmonic point of view, we can see on the daily chart a chance for resuming a suggested CD leg for AB=CD pattern. We have two technical factors that can help the pair to trigger bullish movements over intraday basis as follows:

1- The main ascending channel that organizes the movements from the trough of 126.70

2- The pair has already re-tested the broken upper line of a minor descending channel.

Technical targets reside at 137.90 followed by 139.85.

The trading range for today is among key support at 131.60 and key resistance at 138.40.

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

Support134.80134.10133.60133.15132.50Resistance135.50136.20136.80137.30137.90RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 135.50 targeting 137.90 and stop loss below 133.60 might be appropriate.