Morning Report


The secondary chart of the four hour time scale shows that the pair succeeded in building a minor uptrend line that carries the movements from 114.00 zones. This uptrend line along with the bullish candlestick structure may assist the pair to breach the technical obstaclesstarting at115.35, followed by 115.60; whilst the major resistance resides at 115.90 whereas a break of which will activate the classical pattern and the suggested Elliott count. Henceforth, we will be waiting for the breakout to make sure that the technical mixture between classical studies and Elliott count is valid enough to push the pair upwards over upcoming period.

The trading range for today is among key support at 113.15 and key resistance now at 117.45.

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

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RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 115.90 targeting 118.25 and stop loss below 114.00 might be appropriate.