Morning Report

The secondary image of the hourly interval shows that, a completed bullish harmonic formation was formed successfully on Stochastic indicator. When we add this pattern to the suggested Elliott sequence-discussed in details in the weekly report- it will encourage us to say that,the bulls might dominate the movements over intraday basis. A break of 0.8355 areas is needed to confirm this scenario.

The trading range for today is among the key support at 0.8180 and key resistance now at 0.8480.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.

Weekly Report Previous Report

Support0.82950.82450.82100.81800.8140Resistance0.83550.83800.84000.84200.8460RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8305 targeting 0.8420 and stop loss below 0.8215 might be appropriate.