Morning Report

We recognize a bearish technical structure on the chart, which could be a double top pattern. But, the pair is stable in areas around the ascending main support level shown above in red, while Stochastic is positive, which could reduce the effectiveness of the double top pattern. Consolidation below 0.9400-05 supports the possibility of the downside movement, but at the same time, the pair should confirm the breach of the ascending main support, especially when Stochastic is positive. Therefore, we remain neutral today awaiting more confirmations regarding the pair's next move.

The trading range for today is among the major support at 0.9235 and the major resistance at 0.9575.

The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.

**New York Candlesticks**

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we remain neutral, awaiting more confirmations