Morning Report

After taking our yesterday's detected hard resistance-turned into support- at 81.25, the pair hasmoved steadily upwards and is currently attacking the important resistance of 81.50 as seen on the provided four-hour chart. Additionally, RSI 14 stabilized above the value of 50 suggesting further gains over intraday basis. Ultimately, our proposed Elliott count remains favored and we believe that the bigger third wave is in progress.

The trading range for today is among key support at 80.00 and key resistance now at 82.70.

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

Previous Report

Weekly Report

Support81.2581.0080.7580.5080.20
Resistance81.8082.0082.1082.5082.70
RecommendationBased on the charts and explanations above our opinion is, buying the pair above 81.30 targeting 83.20 and stop loss below 80.00 might be appropriate.