Morning Report

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The pair settled above the previously breached resistance of the correctional channel after it turned into support, and starting to incline supported by positivity on stochastic. The 50 EMA coincide with the 50% Fibonacci correction at 0.8720, and that may keep fluctuations around this level for some time awaiting confirming the breach. In general, an upside move is possible today, and requires stability above 0.8635.

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

Support0.87200.86850.86350.85900.8530
Resistance0.88050.88450.89100.90000.9035
RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8720 targeting 0.8805 and stop loss with hourly closing below 0.8670 may be appropriate.