Morning Report


The pair fluctuated within a narrow range yesterday to settle above the resistance of the descending correctional channel which was breached lately. We still think that intraday bullishness may persist, especially after the 76.4% Fibonacci correction level proved strength and halted the latest downside attempt. Accordingly, the awaited targets start at 0.8885-0.8910, taking into consideration that daily closing should remain above 0.8725 for our expectations to remain valid.

The trading range for today may be among the 0.8625 support and 0.8910 resistance.

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

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Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8885 and stop loss below 0.8615 may be appropriate.