Morning report


The pair is approaching the second technical target of the bullish scenario at 0.9260 after the acceleration occurred ahead of Friday's closing, supporting our detected Elliott waves count as seen on the chart above. Now, internal corrective waves may occur but it will not cancel the positive scenario of the intraday basis. The previous discussed harmonic pattern on Stochastic still supports our outlook.

The trading range is among the key support at 0.9030 and key resistance now at 0.9420.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.9190 targeting 0.9300 and stop loss below 0.9105 might be appropriate.