Morning Report


The pair collapsed yesterday, closing negatively below 38.2% Fibonacci level of XA leg as seen on the provided daily chart. This aggressive downside move supports our suggested harmonic probability of forming the CD leg of a bullish harmonic Gartley pattern, which is dominated by an ideal Fibonacci series. Stochastic is still negative and thereby, we keep our bearish scenario unchanged over intraday basis.

The trading range for today is among key support at 127.60 and key resistance at 134.20.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 131.25 targeting 128.10 and stop loss above 133.40 might be appropriate.