Morning Report

The pair pushed to the upside yesterday surpassing the descending channel's resistance level shown in our midday report yesterday, alongside breaching 61.8% Fibonacci correction to descend from 0.9782 to 0.9326. Note that there are signs of a bullish technical pattern that currently forming, while the suggested neckline touched 76.4% Fibonacci around 0.9675. Momentum indicators are showing negative signs that may cause the pair to reverse, while some sideway fluctuation is witnessed between correction 76.4% and 50% until the pair's upcoming direction is clear. The breach of 0.9675 will pave the way towards a bullish intraday direction, while breaching 0.9555 will help it return within the bearish trend once again. We recommend observing intraday trading to determine the highlighted critical levels.

The trading range for today is among the key support at 0.9440 and the key resistance at 0.9785.

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

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RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.