Morning report

The pair found a solid support around 133.60 that pushed it to move upwards once more above 38.2% Fibonacci level of 134.15. The daily closing above the mentioned level along with the possibility of forming the internal 2nd wave of the daily new sequence, encourages us to expect an upside action over the intraday basis, but first 132.50 should kept intact.

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.