Morning report


The secondary image shows our potential structure for our suggested impulsive upside wave. This proposed fifth wave should be formed within five internal waves. Thus, we think that, a downside correction is highly anticipated today before resuming the upside rally. Stochastic negative overlapping supports this direction. Technical target of this correction is to be placed around 0.8935 zones.

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, selling the pair from 0.9025 targeting 0.8940 and stop loss above 0.9085 might be appropriate.