Morning Report

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In addition to the bigger picture of weekly basis, where we discussed the classical probability of forming a descending triangle pattern in the weekly report, we can see a potential double top formation on the secondary image over four hour interval. Thereby, the bearishness is still in favor over intraday basis and we may witness acceleration once a four hour closing occurs below the suggested neckline of the pattern at 131.80 zones.

The trading range for today is among key support at 130.00 and key resistance at 135.50.

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

Previous Report

Weekly Report

Support131.80131.00130.50130.00129.40
Resistance132.70133.15133.60134.20134.80
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 132.50 targeting 130.00 and stop loss above 134.30 might be appropriate.