Morning Report

The several support levels between 0.9850 and 0.9825 have proved their strength, which forced the pair to trade again above 23.6% Fibonacci correction at 0.9865 as shown above on the chart. This move reflected the strength of the pair's positive momentum which continues to affect the pair's movement. A daily closing above 0.9910 or a 4-hour closing above 0.9950 is required to relieve the negativity seen on momentum indicators. Any trading above 0.9780 should confirm our expectations.

The trading range for today is among the major support at 0.9710 and the major resistance at 1.0125.

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

Previous ReportWeekly Report

RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.9865, and take profit in stages at (0.9970 and 1.0080) and stop loss with 4-hour closing below 0.9750 might be appropriate today.