Morning Report

Yesterday's incline could be seen as the internal c wave of the second wave for the new IM wave started at 1.5925 as seen on the provided four-hour graph. We have got used here in ecPulse to avoid trading the correctional wavesas much as possible; therefore, we should watch out the price behaviors over intraday basis until the pair proves the suggested count via threatening 1.5730 followed by 1.5670 zones again. Only a break above 1.5925-1.5935 will give us a rational reason for reconsidering our Elliott sequence.

The trading range for today is among key support at 1.5585 and key resistance at 1.5975.

The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.