Breaching the initial resistance levels of 133.60 has taken the pair directly towards the technical objective of yesterday's report at134.90-check it please-. Now, a mild correction is needed before resuming our successful Elliott sequence, which proved its efficiency over the past period. Hence we hold onto the positive anticipations over intraday basis, supported by the bullish candlestick formation-secondary image-.
The trading range for today is among key support at 130.50 and key resistance at 138.60.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support134.05133.60133.15132.50131.25Resistance135.50136.20136.80137.40138.60RecommendationBased on the charts and explanations above our opinion is, buying the pair around 134.05 levels targeting 136.35 and stop loss below 132.20 might be appropriate.