Morning Report


The pair breached the 0.8390 resistance level and printed a daily closing above the level, thus activating the expected bullish scenario, as we were waiting for a breach of the yellow shaded range bound. Targets start at 0.8550, taking into consideration that we may witness sharp moves today affected by profit taking which my result in a mixed trade that may delay acquiring the suggested scenario.

The trading range for the day is expected among the key support at 0.8295 and the key resistance at 0.8480.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

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RecommendationBased on the charts and explanations above we recommend buying above 0.8390 targeting 0.8550 and stop loss with four-hour closing below 0.8295 might be appropriate.