Midday Report

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The pair continues to trade negatively approaching the 61.8% Fibonacci correction level which coincide with the support of the main ascending channel at 0.8635. Stochastic is providing positive signals over daily basis, thus we anticipate a bullish reversal that follows a test of aforementioned level to resume the intraday bullish move. Steady daily closing above 0.8635 is required for these expectations to remain possible.

The trading range for the day may be among the 0.8635 support and 0.8885 resistance.

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

Previous Report

Weekly Report

Support0.86350.85900.85300.85000.8415
Resistance0.86850.87200.88050.88450.8910
RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8635 targeting 0.8805 and stop loss below 0.8530 may be appropriate.