Morning Report

The pair approached the main target around 0.8945 affected by the positive pattern mentioned yesterday alongside steady trading within the minor ascending channel shown above. Therefore, we expect further intraday bullishness for today targeting next 0.8985 -the descending channel's resistance- which requires stability above 0.8790. Momentum indicators are clearly negative that might keep the volatility seen around the channel's support for some time.

The trading range for today is among the major support at 0.8740 and the major resistance at 0.9040.

The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.8825 targeting 0.8985 and stop loss below 0.8740 might be appropriate