Morning Report

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It seems that the market has finished the slight downside correction yesterday as we see how the pair is still stabilizing above 100% Fibonacci of CD leg of the bullish harmonic formation. Thereby, we still see chances for resuming the upside rally of the IM structure, retargeting 138.70 zones. The new positive sign appearing on AROON solidifies this bullish scenario. On the other hand, areas of 134.00 should hold to protect the aforesaid rally.

The trading range for today is among key support at 132.40 and key resistance at 140.40.

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, buying the pair around 135.80 targeting 138.70 and stop loss below 133.95 might be appropriate.