Morning Report

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The pair is presently trading above 61.8% Fibonacci retracement of the CD leg of the previous suggested bullish harmonic pattern as seen on the provided daily graph. Stochastic is negative but it didn't breach this important Fibonacci level, which acts as a support. We see also that the middle line of Keltner channel is carrying the pair for the time being and thus, we are not sure if the bullishness of our caught harmonic pattern was limited earlier at 76.4% or not yet. Hence, we still hold onto our neutrality over intraday basis; while a break of 61.8% with a daily closing will be a negative indication.

The trading range for today is among key support at 126.70 and key resistance at 134.20.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

Support130.00129.25128.80127.60126.70
Resistance131.05131.60132.00132.50133.65
RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.