Morning Report

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The pair inclined yesterday, closing above the previous detected sensitive level of 61.8% for the bearish wave from 133.05 to 125.50-click on the previous report for more details about this level. The problem is seen when we look at the four hour chart as there are several negative technical factors as follows:

  • Forming a bearish harmonic crab pattern with PRZ at 423.6% of BC leg, where yesterday's recorded high was placed.
  • The negative divergence appearing on RSI 14.
  • The significant solid resistance at 261.8% of XA leg, which is valued at 132.15, could act the PRZ role if the pair inclined above 131.25.

To recap, all those technical factors might reverse yesterday's incline and therefore, our outlook will be neutral until we get more confirmation for reversal.

The trading range for today is among key support at 126.80 and key resistance at 133.60.

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

Previous Report

Weekly Report

Support130.00129.40128.40127.60126.80
Resistance131.05131.60132.25132.50133.60
RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.