Morning Report


The pair didn't show any big move since yesterday; while 61.8% Fibonacci retracement for the bearish wave from 135.50 to 131.10 hold as a stance as seen on the subsidiary four hour chart. Thereby, we still see chances for achieving potential downside actions over intraday basis, based on the bearish signs appearing on the main chart- click on the weekly report for more details about the bearish signs of the main chart-. Actually, the nature of the current movements clarifies that they are just correctional movements. In the interim, areas of 76.4% Fibonacci at 134.50 might be visited within this correction before resuming the awaited bearish wave.

The trading range for today is among key support at 131.05 and key resistance at 135.50.

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, selling the pair around 133.65 targeting 131.05 and stop loss above 135.20 might be appropriate.