Morning Report


Just twenty pips separated yesterday between the pair and the awaited pivotal support of 119.10, where it soared towards the technical objective of the weekly chart at 121.05 as seen on the provided daily graph. The pair started to stabilize above this critical levels and it seems that it intends to reach the scientific technical target of our suggested mixture of Elliott and classical studies at 126.40 during the coming period. Henceforth, we hold onto ourbullish predications over intraday basis; noting that 125.00 represents a psychological level.

The trading range for today is among key support at 118.65 and key resistance now at 125.00.

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 around 121.15 targeting 124.00 and stop loss below 119.10 might be appropriate.