Morning Report

If the classical patterns mentioned yesterday are added, where the harmonic formation is close to the AB=CD pattern, we see that the pair is currently stable above the first target represented in 38.2% correction at 1.0285 and thus we expect it to touch the second target represented in 61.8% correction at 1.0400, where it touches the main resistance level for the bearish trend as it retests it at 1.0445. MACDindicator is showing bullish positive signs; whereas Stochastic is attempting to show bullish rebound signs. These facts make us expect the pair to achieve a bullish intraday trend, as long as trading is above 38.2% correction mentioned above.

The trading range for today is among the key support at 1.0135 and the key resistance at 1.0440.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.0300 targeting 1.0445 and stop loss below 1.0255, might be appropriate.