Morning Report

Yesterday's explained correction extended towards the previous broken slant neckline of the proposed inverted head and shoulders pattern. We still look at this correction as a required retesting process before resuming the bullishness over intraday basis. SMA 50 is still carrying the price from below, while a break of 0.8550 is needed to confirm the positive classical scenario.

The trading range for today is among the key support at 0.8390 and key resistance now at 0.8650.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8550 targeting 0.8665 and stop loss below 0.8475 might be appropriate.