Morning Report


In line with our yesterday's reports, the pivotal support zones around 0.8595 succeeded in preventing the pair from showing additional descend. It supported the pair as well, pushing it to the upside and thus, our suggested bullish scenario of resuming the CD leg of the proposed crab pattern is still valid for the time being. A break of 0.8640 zones will trigger a violent bullishness towards 127.2% of XA leg of this harmonic formation, which may extended towards 161.8% zones but let us take it step by step to see how the price will behave around the aforesaid levels.

The trading range for today is among the key support at 0.8500 and key resistance now at 0.8740.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8600 targeting 0.8720 and stop loss below 0.8530 might be appropriate.