Our risk limit is at 126.70 -the medium term low-. As far as this levels holds we think that the pair might correct to the upside according to our suggested Elliott count over hourly basis. Stochastic overlapped positively and that might help the pair to bounce for the rest of the day.
The trading range for today is among key support at 125.00 and key resistance at 134.25.
The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.75 areas remain intact.
Support127.80126.80125.50125.00124.90Resistance128.60129.10130.00130.50131.25RecommendationOur morning expectations remain valid.