Morning Report

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The pair is still seeking for a true harmonic pattern completion since it succeeded in reaching the PRZ -potential reversal zones- of the harmonic formation, which we defined yesterday at 127.2% of the XA leg. At the same time, Stochastic is overlapping positively inside oversold areas suggesting that the bullishness may dominate the movements over intraday basis. The technical objective of this pattern resides around 0.8500 zones.

The trading range for today is among the key support at 0.8310 and key resistance now at 0.8550.

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

Support0.84100.83900.83700.83550.8325
Resistance0.84450.84750.85000.85200.8550
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8410 targeting 0.8500 and stop loss below 0.8355 might be appropriate.