Morning Report

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In accordance with our yesterday's discussed scenario of the potential double bottom formation, seen on the four-hour charts. The pair is still gathering the momentum it needs to reach the neckline of the pattern. Stochastic overlapped positively. Therefore, possible bullishness could be seen today.

The trading range for today is among the key support at 0.8530 and key resistance now at 0.8830.

The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.

Weekly Report Previous Report

Support0.86300.86050.85800.85550.8530Resistance0.86600.87000.87200.87600.8830RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8630 targeting 0.8760 and stop loss below 0.8530 might be appropriate.