Morning Report

The pair didn't prove the veracity of our Elliott sequence over four-hour interval discussed in the previous report as it moved higher again from the middle line of Keltner channel as seen on the provided daily chart. The confluence of resistances between 1.3380 and 1.3415 could be retested once again to resume bullish momentum seen in the Asian session but we are not completely sure whether the pair will be able to take those resistance levels or not as Stochastic couldn't give off a confirmed signal. Of note, coming back below 1.3295 zones will bring the bearish picture back into focus. The trend is now unclear and we are obliged to stay aside once again over intraday basis.

The trading range for today is among key support at 1.3140 and key resistance at 1.3550.

The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.