Morning Report

The pair insisted in approaching the ideal Fibonacci projection level of the potential bearish harmonic crab pattern at 161.8% level. At the present time, RSI 14 is valued at 70.00, while a clear negative divergence is drawn on OsMA indicator. Henceforth, we believe that the bearishness maydominate the movements over intraday basis. A breakout below 128.50 is required to confirm this harmonic probability.

The trading range for today is among key support at 125.50 and key resistance at 132.60.

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 with a breakout below 128.50 targeting 126.20 and stop loss above 130.00 might be appropriate.