Morning Report

The pair is trading narrowly, which drives us to move into the 4-hour interval to define the pair's intraday trend. We find the pair is forming a Butterfly harmonic pattern, which should be completed in areas around 1.0010-00, where this level represents 127.2% Fibonacci of the suggested XA leg and less than 200% of the BC leg, therefore the pattern is ideal if completed. Any trading below 1.0255 suggests a downside movement today, but we prefer consolidation below 1.0205 to confirm our bearish outlook. Stochastic provides now a negative crossover, which supports our negative expectations.

The trading range for today is among the major support at 0.9970 and the major resistance at 1.0275.

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

**New York Candlesticks**

Previous Report

Weekly Report

Support1.01401.01001.00701.00251.0000
Resistance1.01851.02051.02551.02751.0305
RecommendationBased on the charts and explanations above, our opinion is selling the pair around 1.0185, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0275 might be appropriate