Morning Report

The pair is currently very close to 76.4% Fibonacci retracement of the downside rally from 134.20 to 125.50 at 132.15. Stochastic overlapped negatively yesterday as seen on the provided daily graph. In the interim, the four hour chart-secondary image- offers the harmonic probability of forming a bearish harmonic with a completion level at 132.15. The sensitivity of this resistance level along with the sign of Stochastic force us to prefer staying aside until we make sure that the pair has the ability to penetrate 76.4% or the upside move from 125.50 is seen as a correction before resuming the major downside trend. To summarize, our outlook is neutral over intraday basis.

The trading range for today is among key support at 127.80 and key resistance at 134.25.

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, staying aside until a clearer sign appears to pinpoint the upcoming big move.