Morning Report


The continuous closings below 76.4% Fibonacci level of the bearish wave from 134.20 to 125.50 is technical evidence for the solidity of this resistance level as seen on the main daily chart. In the interim, the four hour chart-secondary image- offers the probability of placing the PRZ of a bearish crab pattern around the same levels. Henceforth, we may witness possible bearishness over intraday basis, particularly if the pair succeeded in penetrating131.60 zones. Conversely, areas of 133.45 should hold to solidify this constructive negative scenario.

The trading range for today is among key support at 128.40 and key resistance at 134.80.

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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RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 131.60 targeting 129.40 and stop loss above 133.45 might be appropriate.