Morning Report


Yesterday's positive closing that has formed a bullish engulfing pattern as seen on our provided daily chart. This closing indicates that, the harmonic formation is still seeking form a confirmed potential zone and we believe that, this PRZ might be completed around 0.9290 zones. Thus; potential upside movements could be witnessed over intraday basis. Areas of 0.9070 should be breached to clear the path for this expected bullishness.

The trading range is among the key support at 0.8905 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.

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RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.9070 targeting 0.9170 and stop loss below 0.8990 might be appropriate