Morning Report

The pair is positively biased due to the stability above 88.6% Fibonacci correction of the bullish wave, which started from 1.3145 and ended at 1.4247. In addition, the pair is also stable above the support level of the downside movement. Stochastic is positive, while the relative strength index positively breached the 50-point level. We don't exclude the continuity of the upside move, targeting the main resistance of the downside movement, which resides with the moving average 50 at 1.3415, but due to the high risk associated with our expectation and the opening gap seen earlier this week, we remain neutral this morning.

The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135

Previous Report

Weekly Report

RecommendationBased on the chart and explanations above we remain neutral awaiting more confirmations