Morning Report

In addition to the suggested Elliott sequence of the hourly interval, which we discussed in several reports before, the pair is showing the harmonic probabilities of forming the CD leg of AB=CD pattern as seen on the provided four-hour chart. The completion of the pattern resides around 127% Fibonacci of BC leg at 132.35 zones. Thus; more bullishness may occur over intraday basis, supported by AROON indicator.

The trading range for today is among key support at 125.50 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.

Weekly Report Previous Report

Support130.00129.10128.00127.80126.80Resistance130.50131.2513235133.60134.25RecommendationBased on the charts and explanations above our opinion is, buying the pair from 130.00 targeting 132.35 and stop loss below 128.00 might be appropriate.