Morning Report

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The last four hour closing was achieved below 100% Fibonacci of CD leg of the bullish harmonic formation but we the pair is presently consolidating around 88.6% of this leg. The lower line of Keltner channel supports the pair from below and we need to witness a sustained breakout above 135.20 zones to fix the bearish sign that started to appear on momentum indicators. Henceforth, our overview will be to the upside over intraday basis but not before activating the aforementioned breakout. Conversely, a break back below 133.20-133-15 will damage our positive anticipations.

The trading range for today is among key support at 131.05 and key resistance at 138.40.

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 with a breakout above 135.20 targeting 138.60 and stop loss below 133.25 might be appropriate.