Morning Report

The pair moved to the upside yesterday surpassing sensitive resistance levels starting from 0.9515 then 0.9625, while momentum indicators are showing clear overbought signs that may cause some fluctuation and currently a bearish slant. This breach makes us predict more bullish activity today, initially targeting first 0.9785 that represents the retest level for the previously breached ascending channel; hence, keep an eye on the pair's movement when reaching this level. Note that breaking 0.9625 could cause today's suggested upside scenario to fail.

The trading range for today is among the key support at 0.9515 and the key resistance at 0.9875.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.9625 targeting 0.9785 and stop loss below 0.9515, might be appropriate.