Morning Report


Resuming our harmonic series, we can see how the pair declined from The PRZ-potential reversal zones- of the recently caught bearish harmonic butterfly pattern. It is not by a chance that these PRZ intersected with 127.2% Fibonacci projection of CD of our previous efficient bullish pattern but it is the mystery of technical analysis science. Anyway, the pair succeeded in reaching 38.2% retracement of CD of the bearish harmonic pattern; whilst the negative signs which we discussed in details yesterday continued appearing on the daily graph. Thus, more bearish movements might be witnessed over intraday basis, targeting 61.8% of CD leg at 134.00 zones.

The trading range for today is among key support at 132.50 and key resistance at 140.00.

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.