Morning Report

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According to our short term Elliott sequence that's appearing on the provided four-hour chart; the pair has already formed the [B] wave and the C wave is now underway. Therefore, we keep our outlook to the upside over intraday basis, particularly if it succeeded in breaching the key resistance level of 145.50.

Trading range for today is among key support at 141.50 and key resistance at 150.60.

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

Weekly ReportPreviousReport

Support144.60144.15143.60142.70141.50
Resistance145.00145.50146.20146.80147.30
RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 145.50 targeting 147.30 and stop loss below 143.90 might be appropriate.