Morning Report

The pair fluctuated violently during the past four hours after touching SMA 20 -colored in green- as seen on the provided four hour-hour chart. Inside yesterday's suggested falling wedge pattern, we can see a new harmonic probability of forming a bullish harmonic AB=CD pattern. Therefore, we are still waiting for a reversal but not before breaching the resistance line of our caught falling wedge pattern. Only a breakout with a four hour closing below 75.80 will give us reasons for reconsidering our proposed Elliott count.

The trading range for today is among key support at 75.25 and key resistance now at 77.90.

The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 76.40 remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair above 76.75 targeting 78.80 and stop loss below 75.80 might be appropriate.