Morning Report


The pair is trading negatively affected by the Gartley harmonic pattern that may be a reason for a new bigger harmonic formation underdevelopment. At the time being, stochastic is oversold; nevertheless, the ADX is showing a sign of weakness as it's starting to turn downward. The downside move is in favor, and the harmonic formation mentioned above supports testing the 0.8570 level and the first extension at 0.8460, the levels are the 61.8% and 76.4% retracements of the CD leg for the Gartley shown in blue color.

The trading range for today is among the major support at 0.8605 and the major resistance at 0.8850

The short term trend is to the downside, targeting 0.7780 as far as 0.8965 level remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8710 targeting 0.8585 and stop loss above 0.8795 might be appropriate