Morning Report

We haven't seen an obvious closing above 0.8250, and the pair is currently hovering closely below this important level. Consolidation below the mentioned level may support the downside trend; especially that Stochastic is attempting to turn into negativity. The previously mentioned level is the first target of the upside harmonic structure, and consolidation above this level may support the pair to move to the next target at 0.8350, while returning below 0.8195 could prove that the pair is unable to achieve more upside movement. In general, we hold onto our bearish intraday expectations with stability above 0.8250.

The trading range for today is among the major support at 0.8170 and the major resistance at 0.8350.

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 selling the pair with hourly closing below 0.8195 and take profit in two stages at 0.8080, 0.8010 and stop loss above 0.8250 OR buying the pair with 4-hour closing above 0.8250, targeting 0.8350, and stop loss with 4-hour closing below 0.8195 might be appropriate