Morning report

The daily chart shows that the pair is moving upwards, attacking the key resistance level of 134.15 -38.2% Fibonacci level-, supporting the temporary upside correction towards the broken trend line of the short term basis which may be able to form an internal 2nd wave. Hence our intraday overview will be to the upside unless 132.50 areas are broken.

Trading range for today is among key support at 130.70 and key resistance now at 137.40

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 134.15 targeting 136.00 and stop loss below 132.50 might be appropriate.