Morning Report

The pair declined yesterday affected by the bearish harmonic butterfly pattern in addition to the failed attempt to stabilize above 0.9235. The downside move reached the first target for the pattern and the 38.2% correction of the CD around 0.9110; nevertheless, we expect the pair to try to reach more downside targets and maybe reach the second target for the pattern which is the 61.8% correction at 0.8980 affected by stability below the MA 50 and as well as RSI stability below 50 points.

The trading range for today is among the major support at 0.8980 and the major resistance at 0.9370.

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, our opinion is selling the pair around 0.9180, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9290 might be appropriate