Morning Report


Yesterdays closing was above 0.8800 barrier and the 50 EMA and this are positive signs that support our expectations for the continuation of the upside intraday move today. Targeting mainly a breach of 0.8885 which is the neckline of a possible bullish technical pattern under development. Successfully breaching this level will open the door toward initially 0.9000 followed by 0.9125, while stability above 0.8730 is important for our expectations to remain possible.

Trading range for the day is among the major support at 0.8665 and the major resistance at 0.9030.

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

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RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8885 targeting 0.9030 and stop loss below 0.8800 may be appropriate.