Morning Report

The pair is trading due to effect from the harmonic technical pattern shown in the image above, where the pair's classical formation, also shown in the side image, is ascending and is insuring the PRZ for the harmonic technical pattern. The pair has managed to achieve the 23.6% target from the CD leg, which has started to show bearish reversal signs on the stochastic. Despite of that we see that the pair could slightly need to fluctuate and descend, then return to the expected bullish direction due to overall effects on trading today; where the pair is targeting the 38.2% correctional level at 1.0295 initially.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0275.

The short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.

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RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0170 targeting 1.0295 and stop loss below 1.0080, might be appropriate.