Morning Report

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The pair succeeded inclosing negatively below 132.35 where 76.4% Fibonacci retracement of CD leg for the efficient bearish harmonic Butterfly pattern exists. Therefore, we keep our negative scenario intact over intraday basis mainly targeting 100% of the aforesaid leg noting that there is a technical obstacle resides at 88.6% as seen on the provided daily graph. The negativity continues appearing on Stochastic adding further conformation for the scenario where we are moving freely towards the extended technical objectives of the pattern after achieving clear bearish move below 61.8% retracement of CD leg.

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 129.00 and stop loss above 134.55 might be appropriate.