Morning Report

It seems that, the market is mildly correcting yesterday's upside move, but the stable move above 38.2% Fibonacci levels support the continuation for the bullish trend of wave C for the previous discussed Elliott count and we recommend checking the weekly report out-. A decisive breakout above 136.20 is needed to ease the path towards the projected technical objective for the wave. To recap, we still believe that further bullishnessmight beunderway over intraday basis.

The trading range for today is among key support at 131.25 and key resistance at 139.25.

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

Support134.00133.60133.15132.50131.25Resistance135.50136.20136.80137.30138.60RecommendationBased 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.