Morning Report

The solidity of SMA 50-red- which met the key resistance level hinted earlier at 0.9080 has played a big role pushing the pair downwards as seen on the provided four-hour chart. A Elliott scenario appeared on the graph suggests a potential zig zag formation (5-3-5) for the recovery from 0.9340 zones and it may bring a huge upside move anytime if the pair succeeded in placing a short term bottom between 0.9025 (76.4%) and 0.8975 (88.6%) but we need more confirmations to be added to this scenario via taking 0.9080 again. Only a break below 0.8925 areas will damage this Elliott sequence and thus, we will stay aside for the time being.

The trading range for today is among key support at 0.8850 and key resistance at 0.9200.

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

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RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.