Morning Report

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Yesterday's daily closing was below 76.4% Fibonacci retracement of CD leg of our bearish harmonic butterfly pattern which we depend on to suggest resuming the downside move that started at 139.95 -D level-. Furthermore, the last four hour chart offered a bearish candlestick formation as seen on the secondary image. Thus, the extended targets of the bearish harmonic formation are still underway. A break of 131.05 will accelerate the expected downside move over intraday basis.

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.