Morning Report

The pair continued moving higher supported by the sharp rebound from 61.8% Fibonacci retracement of the entire upside wave from 0.8565 to 0.9590 and by the positive divergence on Stochastic which remains positive until now. We need a breakout above 0.9105 to confirm the bullishness suggested during the previous reports. The potential major support zone resides between 0.8985 and 0.9000.

The trading range for today is among key support at 0.8800 and key resistance at 0.9230.

The general trend over short term basis is to the upsidetargeting 0.9950 as far as areas of 0.8850 remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.9040 targeting 0.9200 and stop loss below 0.8925 might be appropriate.