The pair soared violently form 100% Fibonacci retracement of the upside rally from 106.80 to 115.90 and thus we believe that the bearish effect of the rising wedge discussed yesterday, which was limited around 106.80 once more. presently, the probability of forming rounding bottom pattern increased but we need to witness a breakout above 115.60-115.90 zones, where the neckline exists to make sure that the bullishness of C wave-note that we have reconsidered our previous suggested Elliott count- will continue. Thereby, we prefer staying aside for the time being to watch out the daily and weekly closings.
The trading range for today is among key support at 109.45 and key resistance now at 120.50.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|