Morning Report

The pair sharply inclined surpassing the retest level of the breached minor support -in red- and breaching 50% Fibonacci correction. Momentum indicators are overbought, which may cause fluctuations around the retest level of yesterday's breached resistance between 0.9705 and 0.9695 before continuing the expected intraday upside trend for today, affected by the MA 50. Consolidation above 0.9645 is required for our expectations to remain valid.

The trading range for today is among the major support at 0.9565 and the major resistance at 0.9945.

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

Weekly Report

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RecommendationBased on the charts and explanations above we recommend buying the pair around 0.9705 targeting 0.9845 and stop loss below 0.9620 might be appropriate today