Morning Report


Trading is stuck among the 50 EMA and the pivotal resistance at 0.8885. Positive momentum is clear on stochastic which may support the awaited breach of the aforementioned resistance. Therefore,we think that intraday bullishness is more likely today, however it requires two conditions, a clear breach of 0.8885 and stability above 0.8795.

Trading range for the day is among the major support at 0.8705 and the major resistance at 0.9150.

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 with a four-hour closing above 0.8885 targeting 0.9150 and stop loss with four hour closing below 0.8795 might be appropriate