Morning Report

The pair inclined and is stable now above 61.8% Fibonacci correction of the CD leg of bullish AB=CD pattern, harmonically wise, this situation should support the pair to retest 78.6% Fibonacci correction at 0.9700 (which is our target since the past week). Stochastic could force some fluctuations during the upside journey, but the RSI continues to show positivity. A breach of 0.9700 could force the pair to retest 0.9735 and maybe 0.9780.

The trading range for today is among the major support at 0.9490 and the major resistance at 0.9880.

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


Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9635 and take profit in stages at (0.9735 and 0.9780) and stop loss with 4-hor closing below 0.9545 might be appropriate.