Morning Report

The pair retraced mildly towards the Fibonacci level of 38.2%, where a positive crossover appeared on Stochastic, signaling that this correction might have been ended and the pair on its way to achieve the possible intraday bullishness which is based on the previous discussed Elliott count.

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.

Weekly Report Previous Report

Support134.00133.15132.50131.25130.50Resistance134.80135.50136.20136.80137.30RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 134.80 targeting 137.30 and stop loss below 133.15 might be appropriate.