Morning report

The needed slight correction has occurred as seen on the above four-hour chart. We see that this anticipated corrective wave is limited around 0.8730-0.8700 zone, where the pair is gathering the momentum it needs to activate the bullish scenario, based on the previous explained harmonic possibility, targeting 0.8905. Therefore, we still keep our overview to the upside.

Trading range is among the key support at 0.8585 and key resistance now at 0.8905.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Support0.87200.87000.86850.86700.8615
Resistance0.87600.88050.88300.88650.8905
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8730 targeting 0.8850 and stop loss below 0.8640 might be appropriate.