Morning Report

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The pair closed negatively below 76.4% Fibonacci of CD leg over daily basis, while the four hour interval offered a dark cloud pattern as seen on the secondary image. Thereby, the bearishness is still in favor over intraday basis as the bearish harmonic butterfly pattern continues affecting the movements towards the extended technical objectives of CD leg. A break of 131.05 will bring panic selling pressures.

The trading range for today is among key support at 128.40 and key resistance at 135.50.

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 132.25 targeting 129.25 and stop loss above 134.45 might be appropriate.