Morning Report

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The pair is still respecting the resistance levels around 76.4% Fibonacci of CD leg for the bearish harmonic butterfly pattern -previous broken support- as seen on the provided image. In the interim, Stochastic started to enter overbought areas gradually; whilst Vortex indicator is still negative. Henceforth, we hold onto our bearish predications over intraday basis based on the negative effect of the aforementioned harmonic formation which takes the pair towards the extended targets below the second technical objective at 61.8% of its CD leg.

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.

Previous Report

Weekly Report

Support131.05130.50130.00129.40128.40
Resistance132.00132.50133.15133.60134.20
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 131.95 targeting 128.40 and stop loss above 133.65 might be appropriate.