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Morning report

Very narrow trading range controlled the movements of the pair during the Asian session. Our previous discussed complex areas consists of –D- potential reversal zones for short and medium term basis is under attack for the time being while the overbought sign appearing on the RSI 14 is needed to be activated. Hence we expect a violent corrective wave on the intraday basis, otherwise the short term overview will be turned into bullish targeting 167.45 zones-50% Fibonacci of the entire decline started at 215.80 zones-.  

Trading range for today is among key support at 155.85 and key resistance at 167.45.

The general trend is to the downside as far as 167.45 remains intact with target at 116.00.

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Morning report

The right shoulder of a classical [head & shoulders] pattern is in progress, as the European currency versus Japanese yen is developing consecutive bearish candlesticks pattern as shown on the above four-hour chart. AROON up is moving below 30.00 zones while AROON down has already overlapped it, reviving that the bearishness will be in favor on the intraday basis.

Trading range for today is among key support at 134.15 and key resistance now at 140.95.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

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Morning report

Protected by 61.8% Fibonacci level of the rally started at 0.6793 and was topped out at 0.9798 as seen on the secondary image of the daily time scale, we think that a fourth wave is needed for the time being to resume the caught Elliott cycle. Note that AROON up is attacking value of 30.00 confirming the reversal potential. Hence we will keep our intraday overview to the upside unless a decisive breakout occurs below 0.8425.

Trading range is among the key support 0.8370 and key resistance now at 0.8690.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.