Morning Report

The pair is stable below 78.6% Fibonacci correction at 0.8215 as shown above, while the exponential moving averages (EMA 20 & 50) are positive, supporting us to hold onto our positive expectations. Consolidation above 0.7970 suggests further upside movement, while consolidation above 0.8020 supports our expectations, however, a breach of 0.8215 could extend the upside movement towards 0.8360.

The trading range for today is among the major support at 0.7900 and the major resistance at 0.8360.

The short-term trend is to the upside with steady weekly closing above 0.6980 targeting 0.8815.

Previous Report

Weekly Report

RecommendationBased on the chart and explanations above, we recommend buying the pair around 0.8120, targeting 0.8360 and stop loss with 4-hour closing below 0.8020 might be appropriate.