Morning Report


The pair continues to fluctuate within the minor ascending channel which has been carrying the pair since the latest test of the support of the main descending channel shown on image, the minor ascending channel hints further bullishness is probable within the upcoming period, targeting 0.8400. Stability above the 50 EMA supports our positive expectations, mentioning that breaching 0.8260 may weaken the bullish bias and lead to a test of 0.8170.

The trading range for the day is expected among the key support at 0.8170 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 the pair around 0.8260 targeting 0.8400 and stop loss with four-hour closing below 0.8255 may be appropriate.