Morning Report


Trading settled around the 38.2% Fibonacci correction for the downside wave that started from 140.00 to 116.82, which we consider a sign that the pair maybe settled for the acquired upside correction and the first target of bullish pattern that was completed lately by the breach of 122.60. A new bearish technical pattern may be developing over hourly basis and shown on the minor image above, this pattern may confirm the downside move if 124.55 is breached. In general, we need a confirmation for the next move, and by monitoring 124.55 and 126.55 levels.

The trading range for the day may be among the 122.60 support and 127.30 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.