Morning Report


The pair inclined towards the previous detected initial resistance of 0.8480-8500 zones once more. These levels represent 50% Fibonacci of CD leg of our suggested double Gartley pattern, while RSI is very close to overbought areas. Actually, there is no clear sign to say that the extended targets might have been limited at 88.6% of CD leg since there is a chance for retargeting the extended levels once more due to the aforesaid sign and the solidity of the above mentioned resistance. In the interim, SMA 50 is carrying the movements from below and thus, this contrarian between the technical factors makes us staying aside todayuntil we get clearer signs.

The trading range for today is among the key support at 0.8355 and key resistance now at 0.8605.

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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RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.