Morning Report


Finally, AROON down-colored in red- has penetrated the value of 70.00, clarifying that an ideal [BAT] pattern-according to the harmonic studies for ratios, appearing on the secondary image- is still in progress. Hence, we keep our bullish outlook on the intraday basis. Stochastic added further confirmation via positive overlapping.

The trading range is among the key support at 0.8690 and key resistance now at 0.9070.

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 0.8885 targeting 0.9000 and stop loss below 0.8800 might be appropriate.