Morning report

Yesterday's daily candlestick shooting star pattern proved the strength of 61.8% Fibonacci level as seen on our provided daily chart, signaling that a correctional movement is in progress for the time being before resuming the major upside rally inside the recently created bullish channel of the new impulsive wave. Therefore we expect that the pair is to move downwards first, targeting 0.9100 zones, and may extend further towards 0.9070, where it will be able to gather the momentum it needs to incline over the short term basis. To recap, today's overview is negative but the allover structure is bullish.

Trading range is among the key support at 0.9000 and key resistance now at 0.9370.

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.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.9190 targeting 0.9100 and stop loss above 0.9265 might be appropriate.