Morning Report

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The pair is still consolidating around 88.6% Fibonacci retracement of CD leg for the bearish harmonic butterfly pattern due to the oversold signs appearing on Stochastic. Yesterday's closing below this aforesaid level is an impressive bearish signal that could be added to our earlier discussed harmonic scenario of achieving the extended targets. Focusing is now on 100% level and we still look forward to witness more bearish actions over intraday basis.

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.

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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.