Morning Report

Sharp inclines along with a very positive closing above the key support levels of 109.45 zones as seen on the secondary daily chart. Thereby, we reconsidered our suggested Elliott count, which we explained in details our weekly report and now, we believe that the fifth wave of this short term cycle has just been placed at 108.80. In result, the potential upside correction is still in favor over intraday basis as far as 108.80 isn't breached

The trading range for today is among key support at 108.80 and key resistance now at 113.60.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Weekly Report Previous Report

Support110.65109.045108.80108.45108.00Resistance111.05111.35112.00112.90113.60RecommendationBased on the charts and explanations above our opinion is, buying from 110.65 targeting 112.90 and stop loss below 108.80 might be appropriate.