Morning Report

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The completed bullish stick sandwich pattern that was confirmed with yesterday's positive closing assisted the pair to start the process of breaching the upper line of the descending channel. Hence the classical overview of the potential double bottom pattern -explained earlier and you can check the weekly report for more details- is still in favor. As a consequence, we hold onto the positive anticipations over intraday and short term basis, supported by the clear bullish signs appearing on indicators.

The trading range for today is among the key support at 0.8420 and key resistance now at 0.8720.

The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400-0.8380 remain intact.

Weekly Report Previous Report

Support0.85800.85500.85000.84800.8420Resistance0.86050.86350.87000.87200.8760RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8580 targeting 0.8720 and stop loss below 0.8480 might be appropriate.