Morning Report

As shown above on the chart, we see that the pair was able to settle above the descending resistance level and also above 23.6% Fibonacci correction of the bullish wave, which started at 76.65 and ended at the top of 78.28, where this correction stands at 77.85 and could be the first support level that could help momentum indicators to get rid of the negativity. Downside corrections are possible and could lead the pair to test the mentioned level, or to extend the correction further to test 61.8% Fibonacci correction around 77.60; but in general, we expect the pair to extend the upside move after relieving momentum indicators from negativity.

The trading range for today is among the major support at 76.55 and the major resistance at 79.15.

The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.

Previous Report

Weekly Report

Support77.8577.6077.3077.1576.95
Resistance78.1078.3078.4579.1579.55
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 1.77.60, targeting 79.15 and stop loss below 76.65 might be appropriate