Morning Report

As shown on the minor image above, we find a possible bearish continuation structure. This structure supports the downside movement to extend towards the first target of the bearish Butterfly harmonic pattern at 0.8695, which represents 38.2% Fibonacci correction. Consolidation below 0.9105 supports our negative expectations to remain valid, while stability below 0.9185 is required for our expectations to last.

The trading range for today is among the major support at 0.8695 and the major resistance at 0.9235.

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

Previous Report

Weekly Report

Support0.89200.88500.88350.87800.8750
Resistance0.90300.90800.91050.91850.9230
RecommendationBased on the chart and explanations above, we recommend selling the pair around 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9105 might be appropriate today