Morning Report


The pivotal resistance areas of 0.9095 should be breached to ease the path for achieving the awaited bullishness which is based on the mixture studies for classical patterns and harmonic structures as seen on the provided daily chart. The CD leg of the suggested harmonic formation is still in progress and thus potential upside movements could be seen over intraday basis.

The trading range is among the key support at 0.8890 and key resistance now at 0.9235.

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.

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RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.9095 targeting 0.9205 and stop loss below 0.9005 might be appropriate.