Morning Report

In addition to the suggested Elliott count over hourly chart, the pair succeeded in forming bullish candlestick formations alongside positive crossover on Stochastic-secondary image-. Thus; possible bullish actions could be seen over intraday basis, supported by the stable move above SMA50.

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

Support110.00109.45108.80108.45108.00Resistance111.05111.35112.00112.90113.60RecommendationBased on the charts and explanations above our opinion is, buying from 110.55 targeting 112.90 and stop loss below 108.80 might be appropriate.