Morning report

Inside the descending channel of the [C] wave of the short term Elliott sequence, an upside correction is needed to relieve the indicators as seen on the above four-hour chart. It's obvious that 61.8% Fibonacci is supporting the pair to activate this action towards the upper line of the mentioned channel. Hence we expect an intraday positive scenario.

Trading range for today is among key support at 127.60 and key resistance now at 135.40.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 131.50 targeting 133.25 and stop loss below 130.00 might be appropriate.