Morning Report

Stability below EMA 20 was accompanied with Stochastic relieving some of the positivity gained yesterday. Furthermore, the bearish Butterfly harmonic pattern is still affecting the pair's movement. Therefore, we expect a downside movement today, which could be confirm with a breach of 0.8920, where this breach could support the pair to head towards the harmonic structure's first target at 0.8695, which represents 38.2% Fibonacci correction of the CD leg of the pattern.

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

Support0.89200.88500.88350.87500.8695
Resistance0.89750.90300.90800.91050.9185
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 0.9185 might be appropriate today