Morning Report

The pair started to stabilize above the previous breached resistance line of the correctional downside channel that dominated the movements from 0.9315 zones as seen on the provided four-hour chart. In the interim, we can see how SMA 50 is carrying the pair from below after achieving the re-test process of the broken resistance line. All what we need now is a breakout above SMA 100 to make sure that the resistance areas between 0.8930 and 0.8960 will be beaten. RSI 14 may cause some kind of fluctuation but the positivity appering on the candlesticks pattern argues us to say that the pair will neglect this overbought sign.

The trading range for today is among key support at0.8560 and key resistance now at 0.9140.

The general trend over short term basis is to theupsidetargeting0.9400as far as areas of0.8020remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair above 0.8890 targeting 0.9080 and stop loss below 0.8740 might be appropriate.