Morning Report

The descending channel -recently drawn on the chart- proves that the pair is still forming the internal c wave of the suggested second wave of our proposed Elliott count. Re-visiting 0.9125-0.9080 zones may assist RSI 14 to give off the required bullish signal to start moving higher again in order to draw the IM-impulsive- third wave. As a consequence, we keep our bullish scenario intact over intraday basis; noting that, a break above 0.9180 will accelerate the awaited upside wave.

The trading range for today is among key support at 0.9000 and key resistance at 0.9355.

The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.9125 targeting 0.9260 and stop loss below 0.9030 might be appropriate.