Morning Report

The exponential moving average 50 was able to stop the pair's negative momentum yesterday; however, the bearish Butterfly harmonic structure is still valid, where any trading below 0.9185 suggests that the downside movement could return, while Stochastic is turning negative today. Stability below the mentioned moving average at 0.8950 is necessary to prevent the relative strength index from turning positive.

The trading range for today is among the major support at 0.8620 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 chart and explanations above, we recommend selling the pair below 0.9030, and take profit in stages at (0.8835 and 0.8620) and stop loss above 0.9185 might be appropriate today