Morning Report


The pair succeeded in achieving an affective daily closing above 76.4% Fibonacci retracement level of the CD leg of the bullish harmonic pattern discussed earlier. Furthermore, this closing occurred above the middle line of Keltner channel, which provides the pair with a good support. Thereby, we still believe that there are chances for achieving additional bullishness towards 100% of CD leg at 135.20 zones. On the other side areas around 129.25-128.70 should hold to keep this harmonic study 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 131.60 targeting 135.00 and stop loss below 129.25 might be appropriate.