Morning Report

We can see signs of a potential downside recovery appearing on the four-hour chart which we classify as a gathering momentum process and internal correction for the bigger third wave of the suggested Elliott count. Stability above 80.50 argues us to hold onto hold onto our bullish anticipations over intraday basis; whilst breaching through 81.80 will open the door up towards 82.70 followed by 83.20 zones. Conversely, clearing 80.00 zones will force us to reconsider the internal count of the bigger third wave.

The trading range for today is among key support at 80.00 and key resistance now at 83.20.

The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 81.20 targeting 83.20 and stop loss below 79.80 might be appropriate.