Morning Report

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The pair came back below 76.4% Fibonacci retracement of the CD leg once again during the Asian session. The bearish candlesticks formation-secondary image- drawn over four hour interval encourages us to hold onto our bearish predications over intraday basis since we still believe that the extended technical objectives of the bearish harmonic butterfly pattern is still in progress. Stochastic supports our negative scenario.

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 128.90 and stop loss above 134.50 might be appropriate.