Morning report


The daily Stochastic didn't change its positive sign, confirming that yesterday's slight declines are to be seen as a correction. Hence we still see that, possible bullishness is to be witnessed on the intraday basis based on the Elliott countoverthe daily basis, in addition to the harmonic expectation of the Stochastic as we see that, the CD wave of this pattern is still in progress.

The trading range is among the key support at 0.8790 and key resistance now at 0.9205.

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 0.8950 targeting 0.9070 and stop loss below 0.8860 might be appropriate.