Morning Report

The pair continues to trade within the main ascending channel organizing the upside correction that started from the trough at 0.9443, where trading consolidated above 61.8% Fibonacci correction, a positive signal in addition to stability above EMA 50. On the other hand, Stochastic provided negative signals that might pressure the pair south, especially after 76.5% remained steady around 0.9845. Therefore, we see the likelihood for a downside move today depending on the pair's reaction around 0.9845 and 0.9710; breaching the former will push the pair to 1.000 while breaching 0.9710 will drive the pair towards 0.9645 and then the chances to return to the general downside move.

The trading range for today is among the major support at 0.9565 and the major resistance at 1.0000.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Previous Report

Weekly Report

Support0.97700.97100.96450.95650.9500
Resistance0.98450.99150.99701.00001.0055
RecommendationBased on the charts and explanations above our opinion is selling the pair with hourly closing below 0.9710 targeting 0.9565 and stop loss above 0.9800 OR buy the pair with hourly closing above 0.9845 targeting 0.9970 and stop loss below 0.9770 might be appropriate