Morning Report

The decline seen yesterday is still limited in areas above the exponential moving average 50, which formed a support level around the suggested (B) point of the Butterfly harmonic pattern shown above on the chart. Consolidation above 0.8900-0.8880 supports the return of the upside move today, noting that Stochastic attempts to provide a positive crossover.

The trading range for today is among the major support at 0.8505 and the major resistance at 0.9210.

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 buying the pair around 0.8950, and take profit in stages at (0.9080 and 0.9210) and stop loss below 0.8805 might be appropriate today