Morning Report

The pair has been trapped within a very tight range since yesterday due to facing the full correctional level of XA leg of our efficient harmonic crab pattern, which we caught when the pair was valued around 131.50. We believe that it will fluctuate for a while to relieve Stochastic before resuming the CD leg of the pattern. AROON proves the strength of the bearish trend, which we expect that it will continue over intraday basis, targeting the PRZ of the pattern at 124.35.

The trading range for today is among key support at 123.55 and key resistance at 129.40.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 126.80 targeting 124.35 and stop loss above 128.90 might be appropriate.