Morning Report

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The pair didn't show big moves since the week opening. Thus; we still believe that it is forming the (B) wave of the medium term Elliott cycle, while the bearish effect of breaching the neckline of the classical rounding top pattern is still in favor. Henceforth, potential bearishness might be seen over intraday basis.

The trading range for today is among key support at 119.40 and key resistance now at 125.50.

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

Weekly Report Previous Report

Support122.10121.70121.30120.55119.40
Resistance122.80123.15123.90124.60125.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 122.60 targeting 120.55 and stop loss above 124.40 might be appropriate.