Morning Report


The pair is still respecting the recently drawn classical scenario of double top pattern since it succeeded in retesting the previous broken neckline of the pattern as seen on the provided four hour graph. Now, we believe that it gathered the momentum it needs to achieve a bearish wave over intraday basis, supported by the main bearish harmonic crab pattern, which still has southern targets to be reached-we recommend reviewingthe previous report for more details about this mixture between harmonic and classical studies-.A break of 130.00 zones will accelerate this suggested scenario.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 130.80 targeting 128.40 and stop loss above 133.65 might be appropriate.