Morning Report


The pair rallied to surpass the resistance of the falling wedge formation and approach the critical resistance at 0.8400. Momentum indicators are providing negative signs over the four-hour time horizon, and that may result in some fluctuations before resuming the bullish move today affected by the aforementioned pattern. There is a pivotal resistance at 0.8370 that if breached will make easier for the pair to breach 0.8400.

The trading range for the day is expected among the key support at 0.8270 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.

RecommendationBased on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8370 targeting 0.8480 and 0.8550, stop loss with four-hour closing below 0.8295 may be appropriate