Morning report


Our suggested Elliott sequence is still in progress as seen on the provided daily chart. Now, the pair is approaching the initial resistance areas of 0.9030. A break of which will confirm the impulsive fifth wave.Therefore, we think that the intraday outlook is still to the upside. Stochastic is still supporting this proposed bullishness.

The trading range is among the key support at 0.8790 and key resistance now at 0.9206.

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 0.9020 targeting 0.9110 and stop loss below 0.8945 might be appropriate.