Morning Report

The level of 0.8015 doesn't provide sufficient momentum to support the upside movement, where the pair is stable around this level and trading within a sideways range, which could push the pair to the downside targeting 0.7965, but not confirmed, where the bullish crab harmonic pattern shown above on the first chart will be completed at 0.7965, while the deep crab pattern was supposedly completed at current levels as shown on the second chart. In general, our positive expectations remain valid supported by the harmonic patterns, and require stability with daily closing above 0.7920.

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 upside with steady daily closing above 0.7920 targeting 0.8930.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with around 0.7965, targeting 0.8250, and stop loss with daily closing below 0.7920 might be appropriate today.