Morning Report

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The market is trapped within a very tight since yesterday but we notice that yesterday's closing was achieved again below 76.4% Fibonacci retracement of CD leg of our bearish harmonic butterfly. In the interim, Stochastic is approaching overbought areas gradually and thus, we hold onto our negative predications over intraday basis where we believe that the extended technical targets of the pattern are still underway.

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 with a breakout below 132.25 targeting 129.25 and stop loss above 134.45 might be appropriate.