Morning Report

Consolidation above the Exponential Moving Averages 20 and 50 along with the breach of the minor descending channel as shown above could support the pair to form a double bottom pattern. This pattern was not confirmed yet, where a breach of 1.0275 confirms this structure, while stability above 1.0205 supports the possibility of forming this structure, which could trigger an upside move. A breach of 1.0040 negates our intraday positive expectations, while a breach of 1.0120 only weakens the positivity.

The trading range for today is among the major support at 0.9970 and the major resistance at 1.0450

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

Previous Report

Weekly Report

Support1.02051.01851.01201.00851.0040
Resistance1.02551.03051.03501.03751.0420
RecommendationBased on the charts and explanations above, we recommend buying the pair around 1.0205, and take profit in stages at (1.0350 and 1.0420) and stop loss with 4-hour closing below 1.0120 might be appropriate today.