Morning Report

A full re-testing action was activated flawlessly for the previous explained broken neckline of our caught double bottom formation, followed by sharp inclines as seen on the provided four-hour chart. Not only that but it met the lower line of the bullish channel, which organizes the movements of the suggested Elliott count. Consequently, possible bullishness might be seen today, supported by positive sign appearing on Stochastic. A break of the pivotal resistance of 110.50 will accelerate this scenario.

The trading range for today is among key support at 107.60 and key resistance now at 112.80.

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

Support109.45109.05108.50108.00107.60Resistance110.50110.80111.35112.10112.80RecommendationBased on the charts and explanations above our opinion is, buying the pair around 109.80 targeting 111.60 and stop loss below 108.40 might be appropriate.