Morning Report


The pair formed an ascending channel that carried it to trade between 61.8% and 76.4% of the downside wave from 133.02 to the trough at 125.45. The main support for the ascending channel resides around 130.15 with 61.8% correction mentioned, and it is the correction of CD leg of the suggested harmonic pattern which is not ideally but acceptable. Breaching the main resistance connecting the tops from A to C and might take the pair to the upside to test top C; nonetheless, momentum indicators are overbought which makes us expect the downside correction. Therefore, we remain neutral for now until momentum indicators exit the negativity to see if the harmonic pattern will continue to affect the pair.

The trading range for today is among key support at 127.60 and key resistance at 133.60.

The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.

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RecommendationBased on the charts and explanations above, we remain neutral until we attain more confirmations