Morning Report


The initial support levels around 128.75 proved its solidity, pushing the pair to the upside violently as seen on the provided four hour chart. In the interim; Stochastic is giving us a positive sign and that might be an indication for completing the fifth wave earlier and thereforeour outlook will be to the upside to complete the Elliott sequence. The first corrective wave of the suggested upside recovery is in progress.

The trading range for today is among key support at 126.70 and key resistance at 133.60.

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

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RecommendationBased on the charts and explanations above our opinion is, buying the pair with a break of 130.50 targeting 132.80 and stop loss below 128.70 might be appropriate.