Morning Report


Over four-hour basis, the secondary image shows a descending channel that controlled trading during the week, this descending channel supports the harmonic scenario shown on the weekly charts above, touching 0.8570 level is possible, this level is the 61.8% retracement of CD leg of the Bearish Gartley pattern, breaking this retracement level may result inmore downside movementto test the first target at the 76.4% retracement

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.

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8700 targeting 0.8585 and stop loss above 0.8795 might be appropriate