Morning Report


The pair stabilized below the neckline of our yesterday's explained double top formation as seen on the provided four hour graph. The breakout below this neckline might assist it to breach 38.2% Fibonacci level of the upside rally from 129.50 to the peak of 135.50 area on the way to reach the projected technical objective of this correction at 131.60 areas. RSI is close to the oversold areas and thus, some kind of fluctuation may occur before resuming the possible bearishness over intraday basis.

The trading range for today is among key support at131.15 and key resistance at 136.20.

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 134.25 targeting 132.00 and stop loss above 136.00 might be appropriate.