Morning Report

/

Although the pair didn't show a big move since the opening of this week, but we will depend on the tweezers bottom pattern which appeared on the four hour interval to suggest a potential upside move. Actually, the pair stabilized above 61.8% Fibonacci retracement of CD leg of the previous discussed bullish harmonic pattern and thus, the aforesaid candlestick pattern may assist it to breach 76.4% to resume the bullishness towards the extended targets after having some rest around 61.8% earlier. We have to be careful since a daily closing below 130.00 will make the pair lose its upside steam.

The trading range for today is among key support at 127.60 and key resistance at 134.25.

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

Support130.50129.25128.40127.60126.70
Resistance131.60132.00132.50133.15133.65
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 130.60 targeting 134.25 and stop loss below 128.40 might be appropriate.