Morning Report

The pair is still biased to the upside; approaching the resistance at 0.8845, while the first potential reversal zone of the suggested Butterfly harmonic pattern is at 0.8920. We expect the upside movement to extend during the coming period to test the mentioned levels, but after reaching those levels, we should pay attention, where the pair's behavior around these levels could signal some downside corrections, or further rebound to the upside.

The trading range for today is among the major support at 0.8480 and the major resistance at 0.8920.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

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RecommendationBased on the chart and explanations above, we recommend buying the pair above 0.8650, and take profit in stages at (0.8855 and 0.8920) and stop loss with 4-hour closing below 0.8480 might be appropriate today.