Morning Report

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In line with yesterday's midday report, the pair extended its retesting process towards 61.8% Fibonacci of CD leg of our efficient bearish harmonic butterfly pattern but from there it collapsed once more. Thus, the negative scenario of resuming the extended technical target of the harmonic formation is still in favor. All what we need now is a breakout below the former support of 132.50 to accelerate the scenario.

The trading range for today is among key support at 129.40 and key resistance at 136.20.

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 with a breakout below 132.50 targeting 129.50 and stop loss above 134.60 might be appropriate.