Morning Report

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The pair is still respecting our harmonic scenario of Gartley pattern, which we discussed several times before. We see how the oversold sign of Stochastic along with Fibonacci correctional level of 61.8% at 129.40 are still keeping the pair from collapse but the stable move below 50% Fibonacci level in addition to the bearish candlesticks formations might assist it to continue moving downwards over intraday basis, targeting the PRZ of the harmonic structure at 128.10. AROON is still negative, supporting our overview.

The trading range for today is among key support at 126.70 and key resistance at 132.50.

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

Support129.40128.40127.60126.70126.00
Resistance130.00130.50131.00131.60132.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 130.00 targeting 128.10 and stop loss above 131.70 might be appropriate