Morning Report


Trading settles above the support of the main uptrend shown on image, where the pair is attempting to surpass the critical resistance levels among 0.8720-0.8745 which is a resistance cluster area that contains the 50 EMA and 50% Fibonacci correction in addition to the resistance of the descending correctional channel. Currently, the technical outlook for the pair is mixed, where stochastic is clearly overbought and may hinder the awaited breach, therefore, we prefer neutrality for now to monitor trading around the sensitive levels at 0.8745 resistance and 0.8625 support.

The expected trading range for the day is among the key support at 0.8625 and the key resistance at 0.8885.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.

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RecommendationBased on the charts and explanations above we recommend staying aside and montior trading for more confirmations.