Morning Report

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The pair continued its recovery started at 124.70 zones as seen on the provided graph. Actually, this recovery was required to relax momentum indicators but we can see how Vortex-trend indicator- is still reflecting the strength of the bearishness which started at 139.95 zones. Henceforth, we still believe that the pair will show bearish tendency over coming sessions towards 161.8% Fibonacci projection of CD leg for the bearish harmonic Butterfly pattern but not before breaching 127.40 zones decisively once more.

The trading range for today is among key support at 123.95 and key resistance at 131.05.

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 below 127.40 targeting 123.95 and stop loss above 129.65 might be appropriate.