Morning Report

The pair is trading around the sensitive level of 0.8015; this level as shown above representspotential reversal zones-PRZ- of a harmonic structure. The correction of AB leg is 88.6%, and this opposes the entire familiar harmonic patterns, and could suggest that we are facing a recently discovered pattern, but we should observe the pattern accurately because the suggested CD leg is less than 261.8%, awaiting more confirmations to prove this pattern. The downside trend is slowing down around 0.8015; where a daily closing above this level supports the possibility of an upside correction and also the possibility of proving the harmonic pattern. Finally, we don't rule out some bearishness today, but the upside trend is still available in general unlessa breakout occurs below 0.7920or a consecutive daily closing below 0.8015.

The trading range for today is among the major support at 0.7830 and the major resistance at 0.8250.

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

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with around 0.8015, targeting 0.8250, and stop loss with daily closing below 0.7920 might be appropriate today