Morning Report

After we remained neutral yesterday, the pair decline sharply, while the Butterfly harmonic pattern is almost completed. But, Stochastic is negative. The level of 1.0010 represents the potential reversal zone of the proposed structure and we expect this level to be able to return the positivity to the pair in terms of an upside correction at least. But, a breach of this level could extend the downside movement towards areas around 0.9905. We recommend reviewing our previous report for more detailsabout the suggested harmonic structure and why we consider this pattern not ideal.

The trading range for today is among the major support at 0.9850 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

Support1.00100.99700.99450.99050.9865
Resistance1.00701.01101.01401.01851.0205
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 1.0010, and take profit in stages at (1.0110 and 1.0180) and stop loss with 4-hour closing below 0.9940 might be appropriate.