Morning Report

In line with yesterday's proposed downside recovery to relieve RSI 14, the pair has moved to the downside approaching the important support of 0.9125 as seen on the provided daily graph. This decline might have formed the internal second wave of the bigger third and thus, we hold onto our bullish scenario but we need to witness a sustained breakout above 0.9175-0.9180 to confirm and accelerate the move. Coming below 0.9080 will threaten the count.

The trading range for today is among key support at 0.9000 and key resistance at 0.9335.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair above 0.9180 targeting 0.9400 and stop loss below 0.9030 might be appropriate.