Morning Report

The pair rebounded to the upside and is currently stable above 100% Fibonacci correction of the CD leg of the Bullish AB=CD pattern, which is normal and previously expected, because we expect the upside extension to continue. But, the pair is currently trading with critical levels, while a downside correction is possible and could be confirmed if the pair returns to trade below 0.9780. but, stability above 0.9700 should keep the suggested upside move valid in general, targeting the first extended target at 127.2% Fibonacci correction of the harmonic pattern at 0.9880.

The trading range for today is among the major support at 0.9635 and the major resistance at 0.9910.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9735 and targeting 0.9880 and stop loss with 4-hor closing below 0.9700 might be appropriate. But we negate our recommendation in case the target was reached before achieving the entry point.