Morning Report

According to our weekly report, the pair is still trading within levels that support our positive expectations, where stability above 0.8850 and along with a daily closing above 0.8920 supports the upside move to continue. But, over daily basis and as shown above on the chart, we find momentum indicators could possibly turn negative, which also could be accompanied with a retest of the descending channel's main resistance that was previously breached. This possibility is high now and the minor image shows us that a breach of 0.8995 is sufficient to confirm our intraday bearish scenario. Therefore, we remain neutral today awaiting further confirmations.

The trading range for today is among the major support at 0.8820 and the major resistance at 0.9230.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we remain neutral awaiting more confirmations