Morning Report

Yesterday, the pair rebounded sharply to the upside, where the level of 0.9400 proved its strength. Therefore, the bullish AB=CD harmonic pattern is ideal and continues to affect the pair. The pattern's first target is around 0.9550, which represents 38.2% Fibonacci correction of the CD leg. Our positive expectations remain valid, but negativity on Stochastic could force the pair to fluctuate with correctional movements.

The trading range for today is among the major support at 0.9305 and the major resistance at 0.9680.

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

Previous Report

Weekly Report

Support0.94700.94450.94000.93850.9350
Resistance0.95200.95500.96000.96250.9680
RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9470 and take profit in stages at (0.9550, 0.9600 and 0.9635) and stop loss with 4-hor closing below 0.9400 might be appropriate.