Morning Report

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The pair was trapped within narrow range since yesterday's closing as seen on the provided daily chart. Actually, this closing was achieved below 88.6% Fibonacci level of CD leg of the bullish harmonic pattern but we how Stochastic is approaching the oversold areas gradually; while there is solid support which is close to the current trading levels. Thus, we will be neutral over intraday basis to watch out how the price will behave around this key support and also to see to see if it will close bearishly below 88.6% for the second consecutive day or not. Note that, a breakout below areas between 132.90 and 132.40 will damage negate chances for achieving more extended targets for the harmonic pattern.

The trading range for today is among key support at 130.00 and key resistance at 136.80.

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, staying aside until a clearer sign appears to pinpoint the upcoming big move.