Morning Report

As we expected, the pair rebounded to the upside and is currently stable above the descending channel's main support. This will be accompanied with attempts to consolidating above the middleline of Bollinger Bands, while the RSI is bullish and attempting to breach the 50-point level. These positive signals make us expect the upside movement to extend today, while this bullish movement required consolidation with a daily closing above 0.7665 and with 4-hour closing above 0.7610

The trading range for today is among the major support at 0.7430 and the major resistance at 0.8015.

The short-term trend is to the upside with steady weekly closing above 0.7665 targeting 0.8795.


Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 0.7750 targeting 0.8015 and stop loss with a daily closing below 0.7665 might be appropriate today.