Morning Report

The incline seen yesterday was limited below the potential reversal zone of the bearish Butterfly pattern, where this fact proves the negative effect of the harmonic structure, which the pair achieved none of its targets. Consolidation below the potential reversal zone at 0.8920 supports the suggested downside movement towards 0.8460 at least, which represents 38.2% Fibonacci correction of the CD leg of the harmonic structure.

The trading range for today is among the major support at 0.8460 and the major resistance at 0.9105.

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

Previous Report

Weekly Report

Support0.88200.88000.87800.87500.8675
Resistance0.89000.89200.89900.90400.9105
RecommendationBased on the chart and explanations above, we recommend selling the pair around 0.8850, and take profit in stages at (0.8640 and 0.8540) and stop loss above 0.8990 might be appropriate today.