Morning Report


Trading remains confined within the minor ascending channel shown on image, attempting to test the pivotal resistance at 0.8400. Negativity on momentum indicators may lead to some fluctuations and downside bias, however, a bullish move remains probable today towards 0.8400, where if reached and breached the door will be open towards trading back within the overall bullish trend.

The trading range for the day is expected among the keysupport at 0.8170 and the key resistance at 0.8480.

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

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RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8270 targeting 0.8400 and stop loss with four-hour closing below 0.8255 may be appropriate.