Morning Report

The pair is still biased to the downside, though the slight incline seen yesterday was only a correction, where the bearish AB=CD harmonic pattern affects the pair, while trading below the harmonic trend line between point A and point C along with consolidation below 50% Fibonacci correction at 1.0400 are reasons behind our continuous negative expectations, especially when Exponential Moving Averages represent good resistance facing the pair's bullishness. Stochastic is within oversold areas and provides positive crossover which could trigger heavy fluctuations today.

The trading range for today is among the major support at 1.1.0185 and the major resistance at 1.0690.

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

Previous Report

Weekly Report

Support1.03751.03501.02951.02301.0185
Resistance1.04001.04751.05001.05601.0620
RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.0400, and take profit in stages at (1.0340 and 1.0200) and stop loss above 1.0535 might be appropriate