Morning Report

Harmonically, there is a chance for drawing a potential Gartley pattern over daily basis, where the Fibonacci ratios that dominated the movements are seen as follows:

  • AB=61.8% of AX leg.
  • BC=76.4% of AB leg.
  • Fibonacci projection of BC leg meets 78.6% of XA at 128.10.
We may witness panic sell-off actions once a breakout occurs below 131.25-yesterday's recorded low-. Stochastic is negative, supporting these bearish anticipations over intraday basis.

The trading range for today is among key support at 129.40 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

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 132.25 targeting 129.40 and stop loss above 134.35 might be appropriate.