Morning Report

The pair rebounded to the upside after it touched the EMA 50 at 0.9745, but until now, the pair is around new intraday resistance at 0.9800 as we didn't see any four-hour closing above this level. The current upside move started after retesting the breached resistance of the bearish channel. Therefore, we need more accurate signals for the next move by breaching the mentioned resistance levels or trading below the EMA 50, we remain neutral for today.

The trading range for today is among the major support 0.9500 and the major resistance 0.9970

The short term trend is to the downside with a steady level at 1.0665 targeting 0.9000

RecommendationBased on the charts and explanations above we recommend neutrality until we get more confirmation for the next move.