Morning Report

The pair remains locked in consolidation areas above 50% Fibonacci retracement of the entire upside rally from 0.8925 to 0.9335 zones as seen on the provided four-hour graph. Momentum indicator also has found a good support above oversold zones. Thereby, we still see chances for achieving upside actions over intraday basis to form the internal third wave of the suggested Elliott count but not before clearing the key resistance level around 0.9175-0.9180. Conversely, 0.9080 should protect bulls; otherwise, our Elliott count should be reconsidered.

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.