Morning Report

The pair found difficulty in reaching the bullish pattern's targets after intraday trading was caught within the rising wedge shown above. This pattern is negative by nature, especially after breaching the support level, while Stochastic is providing positive signals over four-hour basis. Therefore, we remain neutral today and observe trading around the critical 0.8780 support and 0.8900 resistance awaiting more confirmations for the direction, whether to continue the upside move or reverse to the downside to continue trading within the main descending channel.

The trading range for today is among the major support at 0.8665 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.

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RecommendationWe recommend observing trading today to insure the upcoming direction.