Morning Report

Potential classical pattern is currently under formation Cup with handle on the four-hour interval as seen on the subsidiary image. Therefore, the intraday trend could be bullish, supported by the bigger picture of the bullish harmonic structure of the weekly chart as it still has northern targets to be reached.

Notes:

1-RSI 14 supports the positive outlook.

2- A break of 0.8355 could accelerate the actions towards 0.8470 zones.

The trading range for today is among the key support at 0.8180 and key resistance now at 0.8500.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

Weekly Report Previous Report

Support0.83150.82950.82550.82300.8180Resistance0.83550.83800.84000.84200.8470RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8315 targeting 0.8420 and stop loss below 0.8230 might be appropriate.