Morning Report


Fibonacci retracement level of 76.4% of CD leg of our previous explained bullish harmonic pattern still acts as a solid barrier until now. Stochastic is still positive, suggesting that this solid level might be breached sooner to achieve more bullishness towards the extended technical targets of the pattern. Our proposed extended technical objectives start at 100% of CD leg at 135.20 zones but on the other side, areas around 128-80-128.40 should hold to keep this scenario valid.

The trading range for today is among key support at 128.80 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, buying the pair around 131.15 targeting 135.00 and stop loss above 128.40 might be appropriate.