Morning Report

The pair failed to maintain the upside bias yesterday to reverse again. In general, the pennant formation pattern continues to confine trading; where the trading range among the pattern is getting narrower, therefore, we prefer to wait for a breakout of this trading range among the pattern to look for a directional move, accordingly we will stay aside today.

The trading range for the day is expected among the key support at 0.9850 and resistance at 1.0080.

The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.

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Weekly Report

RecommendationBased on the charts and explanation above , we recommend staying aside for further confirmations.