Morning Report

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The pair breached the ascending support of the minor trend we mentioned yesterday, where it failed to breach the suggested neckline at 0.8845, therefore the awaited bullish scenario is invalidated. There is a big chance now to test the ascending support of the rising wedge formation that we mentioned in our weekly report, supported by the negative pressure from the 50 EMA. In general, we need to monitor trading during the upcoming period specially around the sensitive levels among 0.8755 support and 0.8845 resistance, where breaching one of them shall hint for the direction of the next move.

Trading range for the day among the major support at 0.8580 and the major resistance at 0.9000.

The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.

Previous Report

Weekly Report

Support0.87550.87000.86650.86150.8580
Resistance0.88000.88450.88900.89400.8975
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmation for the next move