Morning Report


The pair inclined to touch the 61.8% Fibonacci correction level which turned into resistance after it was breached, where the 50 EMA is located as well, adding more strength to the level. While the minor bullish pattern we mentioned yesterday was activated by breaching the neckline of the pattern at 0.8600, accordingly, an intraday bullish move is likely today, targeting mainly 0.8680 , followed by 0.8765.

The trading range for the day may be among the 0.8525 support and 0.8765 resistance.

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

RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8600 targeting 0.8680 and 0.8770 , stop loss with four-hour closing below 0.8525 may be appropriate.