Morning Report

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The pair succeeded in achieving an obvious negative sign on Stochastic indicator via overlapping negatively. Additionally, the harmonic formation on the indicator which we discussed yesterday was completed and thus, we hold onto our bearish predications over intraday basis based on the technical idea of resuming the extended technical objectives of our caught bearish harmonic butterfly pattern seen on the provided daily graph. A breakout below 131.05 will accelerate the suggested descending actions towards the next Fibonacci retracement level.

The trading range for today is among key support at 128.40 and key resistance at 134.20.

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 around 132.10 targeting 128.90 and stop loss above 134.25 might be appropriate.