The pair completed the flawless harmonic technical pattern that has taken the AB=CD pattern, where any trading below 1.4085 will maintain the harmonic pattern intact as the bearish trend is expected to return once more. In the meantime, we see positive signs on Stochastic that indicated a breach of 1.3880 to insure that the harmonic pattern has halted in the 200% correction for the CD leg.

The trading range for today is among the key support at 1.3710 and the key resistance at 1.4435.

The short term trend is to the downside as far as 1.3140 remains intact with targets at 1.5135.

Support 1.3965 1.3915 1.3880 1.3840 1.3775

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Resistance 1.4085 1.4165 1.4200 1.4250 1.4275

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Recommendation Based on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

The cable halted the bearish trend that has occurred since last week after touching SMA 50 at 1.5650 ; thus, maintaining the Elliott count shown on the image above pointing to the possibility of bullish movement during this week. The scenario stabilized above SMA 20 at 1.5835 where the bullish wave was volatile resuming it and building a base above resistance 1.5965 – 1.5995.

The trading range for today is among the key support at 1.5400 and the key resistance at 1.6235.

The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.

Support 1.5700 1.5650 1.5580 1.5525 1.5460

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Resistance 1.5835 1.5915 1.5965 1.6070 1.6100

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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.5835 targeting 1.6235 and stop loss below 1.5700, might be appropriate

The pair is still dominated by the bullish direction trading below 127% following the harmonic pattern shown above. Continuing to trade below this BC correction leg at 82.15 will maintain chances of continuing the downside trend to reach 161.8% appearing in the chart above. Note that momentum indicators are showing major oversold signs that may cause major fluctuation within the bearish trend, which require trading to stabilize this week below 127% correction previously mentioned.

The trading range for today is among the key support at 78.65 and the key resistance at 83.85.

The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.

Support 80.35 80.00 79.60 79.15 78.65

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Resistance 81.00 81.35 81.85 82.15 82.75

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 81.00 targeting 79.60 and stop loss above 82.15, might be appropriate.

The pair continues its bearish overall trading within the descending channel range highlighted in the image above, where any trading below 0.9865 will maintain chances of witnessing more bearish movement returning to trade below SMA 20 at 0.9660, paving the way for more downside activity.

The trading range for today is among the key support at 0.9385 and the key resistance at 0.9935.

The short term trend is to the upside as far as 1.0235 remains intact with targets at 0.8000.

Support 0.9660 0.9590 0.9500 0.9445 0.9400

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Resistance 0.9745 0.9800 0.9845 0.9865 0.9935

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Recommendation Based on the charts and explanations above our opinion is selling the around 0.9745 targeting 0.9445 and stop loss above 0.9865, might be appropriate.

A bearish technical pattern is witnessed on the chart above, where the pair returned to build a base below 38.2% correction. These signs make us expect the pair to retest the previously broken resistance level, unless it was able to return to stabilize below 1.0090 since a larger strength is witnessed within the bearish trend.

The trading range for today is among the key support at 0.9860 and the key resistance at 1.0420.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Support 1.0170 1.0090 1.0040 1.0000 0.9925

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Resistance 1.0215 1.0265 1.0345 1.0380 1.0420

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Recommendation Based on the charts and explanations above our opinion is selling the pair around 1.0215 targeting 0.9980 and stop loss above 1.0380, might be appropriate.