Morning Report

The pair has moved sharply upwards but SMA 50-red- has meet the key resistance level around 0.9080 forcing the pair to move lower once again towards 76.4% Fibonacci retracement of the IM wave from 0.8925 zones to 0.9335 areas. The positive divergence formed on RSI 14 may assist the pair to re-attack the aforementioned resistance again and a break above it will confirm the suggested Elliott count. Our Elliott sequence will be invalidated if the pair comes below 0.8925 levels.

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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.9000 targeting 0.9175 and stop loss below 0.8925 might be appropriate.