Morning Report

Click on the image for a larger view


The pair achieved the previous anticipated negative closing below 88.6% Fibonacci retracement level of CD leg for our caught bearish harmonic butterfly as seen on the provided daily graph. We see hoe the extended technical targets of the pattern are falling one after another but we believe that Stochastic will be reason for witnessing some kind of fluctuation before resuming the downside rally expected over intraday basis. Breaching through 130.50 zones will be able to weaken 100% retracement on the way towards 127.2% of the suggested harmonic formation.

The trading range for today is among key support at 128.40 and key resistance at 134.80.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 131.65 targeting 128.40 and stop loss above 133.80 might be appropriate.