Morning Report

Through the image above, atypical harmonic pattern has appeared that has taken the form of the AB=CD pattern that has achieved the first target for it at 38.2% correction from the CD leg at 1.0570, but the pair has still stabilized below this level; therefore, retesting the second target represented in the 61.8% correction at 1.0525. While achieving the second target, the pair would have breached the key support's neckline for the bullish direction which therefore shows the bearish trend continuing to retest the bottom at point B. Consequent to these facts; we expect trading to be below 1.0625 to maintain chances of a bearish trend intact throughout trading today.

The trading range for today is among the key support at 1.0430 and the key resistance at 1.0670.

The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.

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Weekly Report

Support1.05251.04951.04501.03901.0365Resistance1.05851.06251.06701.07001.0750RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0585 targeting 1.0460 and stop loss above 1.0640, might be appropriate.