Morning Report

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The pair descended aggressively where it is currently trading below 88.6% Fibonacci retracement of CD leg of the bearish harmonic butterfly pattern which proved its efficiency during the past period. The negative signs appearing on indicators weaken the full correctional level and thus, the door will be opened for achieving additional downside actions towards 127.2% Fibonacci projection of CD leg. To conclude, we hold onto the negative anticipations over intraday basis, noting that a break of 130.10 will bring panic selling pressures.

The trading range for today is among key support at 126.70 and key resistance at 134.80.

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, selling the pair around 131.40 targeting 128.25 and stop loss above 133.65 might be appropriate.