Morning report


Yesterday's expected bearishness has been stopped around 0.8970 zones. Now, it's preparing to breach the key resistance level between 0.9060 and 0.9070. The upside impulsive fifth wave is to continue according to our proposed Elliott scenario over short term basis. Thereby, potential bullish actions are to be witnessed over intraday basis.

The trading range is among the key support at 0.8790 and key resistance now at 0.9260.

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 0.9050 targeting 0.9145 and stop loss below 0.8970 might be appropriate.