Morning Report

width=450

It seems as if the flat correction of our detected Elliott count is about to be completed, as seen on the provided four-hour chart. This correction is to be seen as the completion of the second wave over short term basis. Thus, the downside [IM] wave-the third-is to start, protected by 76.4% Fibonacci level. Stochastic supports the bearish direction, which we expect for today.

Trading range for today is among key support at 141.50 and key resistance at 151.60.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

 
Support146.20145.50145.00144.15143.60
 
Resistance147.00147.40148.00148.30149.00
 
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 146.65 targeting 144.60 and stop loss above 148.30 might be appropriate.
 

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.