Morning report

Yesterday's bullish candlestick which is carried above Ribbons lines -EMA10 to 80- succeeded to attack the pivotal resistance level of 61.8% at 0.9260 zones while AROON is still positive, encouraging us to keep our outlook to the upside, attempting to target0.9340 and may extend further towards 0.9470 which represents the upper line of the ascending channel. This channel is an interpretation for the new impulsive wave according to the daily Elliott cycle studies.

Trading range is among the key support at 0.9030 and key resistance now at 0.9470.

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, buying the pair from 0.9255 targeting 0.9360 and stop loss below 0.9170 might be appropriate.