Morning Report

The pair is stability above the MA 50 and 23.6% Fibonacci CD leg correction of the bullish AB=CD harmonic. This positive signal could push the pair to retest 38.2% Fibonacci correction, which represents the first target of the harmonic pattern. The RSI positively breached the 50 points, which extends the positivity, but Stochastic is negative and attempting also a negative crossover. Taking all these signals together, we expect an upside move, but heavy fluctuations and bearish correctional movements could be seen.

The trading range for today is among the major support at 0.9305 and the major resistance at 0.9700.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9490 and take profit in stages at (0.9550, 0.9635 and 0.9700) and stop loss with 4-hor closing below 0.9400 might be appropriate.