Morning Report


Yesterday's candlestick shows how the pair was trapped within a very tight range, but it is clear that the closing was achieved above 100% Fibonacci retracement of CD leg of our bullish harmonic pattern. Thereby, we hold onto our bullish anticipations, targeting 127.2% Fibonacci projection of CD leg at 138.70 zones. We should beware that momentum indicators might force the pair to show some kind of fluctuations but we don't think that it will push it aggressively downwards due to the strength of the bullish trend appearing on AROON.

The trading range for today is among key support at 133.15 and key resistance at 138.70.

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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RecommendationBased on the charts and explanations above our opinion is, buying the pair around 135.20 targeting 138.70 and stop loss below 132.50 might be appropriate.