Morning Report

Twenty pips separated the pair from reaching the projected technical objective, mentioned in our yesterday's report at 0.8400 zones. Now, the hammer candlestick pattern, which formed on the daily chart indicating that the sharp inclines from occurred from the pivotal support levels of 0.8400, could continue as the royal pair started to stabilize above the cluster support, consisting of 38.2% and 61.8% Fibonacci levels at 0.8550 zones once more. Henceforth, potential upside movements could be seen today as far as 0.8500 remains intact.

The trading range for today is among the key support at 0.8480 and key resistance now at 0.8860.

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

Support0.86300.85800.85300.85000.8480Resistance0.87000.87200.87600.87900.8820RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8630 targeting 0.8820 and stop loss below 0.8500 might be appropriate.