Morning Report

Re-considering our suggested Elliot count, we believe that the B wave has just been placed with the low of 130.35. Currently, a break of 132.10 is urgently needed to confirm the start of C wave. The harmonic structure appearing on the chart might confirm the possible bullishness over intraday basis.

The trading range for today is among key support at 128.40 and key resistance at 135.50.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Weekly Report Previous Report

Support131.25130.50130.00129.70128.60Resistance132.10132.50133.15133.60134.40RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 132.10 levels targeting 134.50 and stop loss below 130.00 might be appropriate.