Morning Report

The pair is still trading within the descending channel, which started from the top around the resistance at 0.9310, where this channel supports the downside movement of the bearish Butterfly harmonic pattern to continue. The pair is currently approaching the pattern's first target at 0.8695, where we expect a test of this level as long as the pair is stable below 0.8930, while consolidation below 0.8835 strengthens this possibility.

The trading range for today is among the major support at 0.8505 and the major resistance at 0.9080.

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

Previous Report

Weekly Report

Support0.87500.87100.86950.86400.8505
Resistance0.88000.88350.88500.89300.8970
RecommendationBased on the chart and explanations above, we recommend selling the pair around 0.8800, and take profit at 0.8695 and stop loss above 0.8880 might be appropriate today