Morning Report

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The pair is presently hitting the initial support around 100% Fibonacci level for our caught bearish harmonic butterfly pattern which proved its efficiency. The negative signs continued appearing on momentum and trend indicators as seen on the provided daily graph. Thereby, we see chances forresuming the scenario of reaching the extended technical objectives of the pattern where focusing now is on 127.2% Fibonacci projection of CD leg at 127.35.

The trading range for today is among key support at 126.70 and key resistance at 133.60.

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 130.20 targeting 127.70 and stop loss above 132.25 might be appropriate.