Morning Report


Once more, the pair invalidates our expectations for an upside move, and goes back to trade within the same sideways range, among 0.8885 and 0.8600. In fact, the pair didn't close over four-hour basis below 0.8700, where trading now settles below the 50 EMA at 0.8785 and above 0.8600 support level, and that push us to stay aside again. Negativity on momentum indicators should be confirmed by a breach of the aforementioned support levels. On the other hand, bullishness will be confirmed if 0.8885 is breached.

The trading range for today is expected among the key support at 0.8600 and the key resistance at 0.9030.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

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RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.