Morning Report

The pair is still stable above the ascending channel's main support as shown above, where the pair returned to trade above this level after 61.8% Fibonacci correction was able to stop the bearish wave. Therefore, we expect an upside bias today, supported by the moving average 50 in addition to the positivity seen on Stochastic; however, two conditions are required for the suggested bullishness to remain valid; the first one is a breach of 1.0210 and consolidation above it, while the second condition is stability above 1.0110.

The trading range for today is among the major support at 1.0030 and the major resistance at 1.0360.

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 with a breach of 1.0210, and take profit at 1.0360 and stop loss below 1.0110 might be appropriate.