Morning Report


The pair succeeded in achieving a daily closing below the first technical objective of the bearish harmonic butterfly pattern, where 38.2% Fibonacci retracement of CD leg exists. This closing has cleared the path towards the technical target at 61.8% as we discussed earlier. Moreover, the negative signs on momentum indicators didn't change and thus, we still see chances for showing negative actions over intraday basis, targeting 134.00-133.85 zones. A break of 135.80 will confirm our proposed scenario.

The trading range for today is among key support at 132.50 and key resistance at 140.40.

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, selling the pair around 137.10 targeting 134.20 and stop loss above 139.25 might be appropriate.