Morning Report

width=450

It looks like the pair intends to form CD leg for a harmonic formation as seen on the provided daily chart. Adding this idea to our previous explained potential Elliott count is to confirm that, the bullishness might continue over intraday and short term basis. Stochastic still shows positive crossover, supporting our overview.

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.

Weekly Report

 
Support0.89350.89050.88800.88600.8820
 
Resistance0.89800.90000.90300.90700.9115
 
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8950 targeting 0.9030 and stop loss below 0.8880 might be appropriate.
 

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.