Morning Report

The pair is biased to the downside approaching the first potential reversal zone at 0.9980, which represents D1 point of the bullish Butterfly harmonic pattern; however, reaching levels around 0.9905 is possible, where these levels represent the 127.2% and 161.8% Fibonacci corrections of the CD leg of the suggested harmonic structure. Without any breach of 0.9905, the pair could rebound to the upside during the coming period.

The trading range for today is among the major support at 0.9825 and the major resistance at 1.0255.

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

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend buying the pair around 09980, and take profit in stages at (1.0085 and 1.0185) and stop loss below 0.9880 might be appropriate today.