Morning Report


The pair succeeded in achieving the third positive daily closing above 115.60-115.90 zones, where the neckline of the previous proposed rounding bottom pattern exists. Now, let us talk about the technical objectives current clear bullishness as we see on the graph that 121.05 represent potential resistance-previous broken support- levels and we will look at these areas as technical station that could be reached. Inour coming reports, we will define together the potential targets for C wav of the suggested Elliott count that should complete the sequence. Assessing indicator, Vortex indicator is definitely positive; whilst RSI 14 still has northern targets to be reached.

The trading range for today is among key support at 115.60 and key resistance now at 121.35.

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 around 117.90 targeting 120.50 and stop loss below 116.10 might be appropriate.