Morning Report

The pair is still showing volatile movements in both directions due to the nature of flat corrective structure, which we believe that it dominates the movements since breaching the pivotal support-current resistance around 111.60. Henceforth, our outlook is still bearish, while we believe that the pair is preparing to resume the suggested Elliott count. The initial support levels around 110.25 should be breached to confirm our outlook, while the daily closing should be achieved below 111.60 zones to keep this proposed bearishness valid.

The trading range for today is among key support at 108.45 and key resistance now at 114.25.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 110.25 targeting 108.25 and stop loss above 111.70 might be appropriate.