Morning Report


In addition to the bigger picture of Elliott count that we discussed during the past days. Today,we introduce another suggested count for the descending wave that started from 150.00 zonesin our provided four-hour chart . The IM structure continues while theforth wave might reach 134.25 zones before resuming the downside rally to form the fifth wave. Hence possible bearishness could be seen over intraday basis.

The trading range for the week is among key support at 129.70 and key resistance at 137.30.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 134.25 targeting 131.70 and stop loss above 136.20 might be appropriate