Morning Report

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The pair is currently trading around the potential reversal zones of the previous suggested bullish harmonic Bat pattern, while Stochastic started to show the ability to form a positive divergence as seen on the provided four hour chart. Thereby, we hold onto our bullish expectations over intraday basis-we recommend reviewing the previous report for more details about the pattern-. A four hour closing above 0.8520 is needed to solidify our constructive outlook.

The trading range for today is among the key support at 0.8325 and key resistance now at 0.8585.

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

Support0.84650.84150.83900.83700.8325
Resistance0.85000.85200.85500.85850.8605
RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8520 targeting 0.8630 and stop loss below 0.8445 might be appropriate.