Morning Report


Once more, a new attempt to stabilize above the key levels of 0.9070, which have turned into support during the Asian session, confirmed that the harmonic CD leg of our suggested harmonic formation is still in progress. The PRZ, however, might be completed around 0.9290 zones.Accordingly, an upsidemove could be seen todayunless a decisive breakout occurs below 0.8985 zones.

The trading range is among the key support at 0.8905 and key resistance now at 0.9290.

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.