Morning Report

According to the harmonic pattern, the CD leg extended from the harmonic technical pattern further from 127% from the XA leg; thus, causing the pair to test the golden Fibonacci 161.8% ratio to complete the formation. Any trading below 86.50 in the daily closing maintains the possibility of touching 83.90 intact and therefore the pair today might continue the bearish direction, due to the negativity continuing to appear on the ADX index.

The trading range for today is among the key support at 83.90 and the key resistance at 87.00.

The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 85.30 targeting 83.90 and stop loss above 86.50, might be appropriate.