Morning Report

The pair rebounded to the upside after building a base around the support at 0.9900, while we also see a breach of the neckline of a bullish technical structure at 0.9935. This pattern adds more confirmations to our expected intraday upside move, also supported by the breach of the Moving Average 50. Our targets today are the psychological barrier at 1.0000 and 1.0125, however, consolidation above 0.9850 is necessary for our bullish expectations to prevail.

The trading range for today is among the major support at 0.9830 and the major resistance at 1.0185

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

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RecommendationBased on the charts and explanations above, we recommend buying the pair around 0.9935 and take profit in stages at (1.0010 and 1.0125) and stop loss with 4-hour closing below 0.9850 might be appropriate today.