Back to our suggested mixture between classical studies and Elliott count, where we see how the pair is still trapped below the key resistance level of 115.60-115.90, which represent the neckline of the suggested rounding bottom pattern. As far as we see trading below these levels, we can't say that the Elliott sequence is correct and that is why the weekly closing today is very important and it should be watched out very carefully. Thereby, our overview remains neutral until an actionable setup presents itself.
The trading range for today is among key support at 111.90 and key resistance now at 116.80.
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.|