Morning Report

The sharp descend that had occurred yesterday forces us to observe the daily chart consequent to resuming the lesser intraday expectations. The harmonic technical pattern on the daily chart corrected the CD leg between 38.2% and 50% from the AB leg; thus prompting the CD leg towards correction 261.8% from the BC leg. The pair achieved the first and second targets represented in correction 38.2% and 61.8% from the CD leg presently, as the pair is currently trading below the C bottom point; where we see the bearish trend prevailing to reach 127% correction for the same leg at 1.0085, according to the harmonic trading rules. The stochastic's bearish reversal insures expectations, but we will not rule out a bullish correction occurring anytime.

The trading range for today is among the key support at 1.0210 and the key resistance at 1.0625.

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

Previous Report

Weekly Report

Support1.03651.03201.02601.02101.0175Resistance1.04201.04951.05251.05851.0625RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0420 targeting 1.0085 and stop loss above with a four-hour closing above 1.0625, might be appropriate over the coming period.