Morning Report

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The pair declined aggressively, supporting the technical idea of forming the short term [C] wave as seen on our provided four-chart. The heavy positive divergence on OsMA and RSI14 shows that the second internal wave is urgently needed for the time being before resuming the downside rally of the above mentioned [C] wave. Hence, our overview is to the upside over intraday basis.

The trading range for today is among key support at 129.80 and key resistance now at 136.20.

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

Support132.50132.00130.60129.80129.00
Resistance133.15133.65134.15134.80135.50
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 132.65 targeting 134.80 and stop loss above 130.60 might be appropriate