Morning Report

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The pair inclined yesterday and when we have a look at the shorter time frames, we will see an Elliott sequence on the hourly interval, where the second wave is in progress. The internal count shows that another bullish wave is needed- the fifth of C-. Therefore, temporarily bullish wave is expected today.

The trading range for the week is among key support at 134.55 and key resistance at 140.50.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 146.20 remain intact.

Weekly Report Previous Report

Support136.20135.50135.00134.45133.60
Resistance137.40138.00138.30139.10140.00
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 136.20 targeting 138.30 and stop loss below 134.45 might be appropriate.