Morning Report

Back to the daily studies where we can see how the pair was locked in a consolidation pattern struggling inside Ribbons lines -EMA 10 to 80- while RSI 14 can't give off a confirmed signal. Our previous proposed Elliott sequence suggested earlier remains valid but we need to witness a sustained breakout above 0.9230 zones to confirm it. Anyway, we will stay aside over intraday basis until the pair clears the aforementioned resistance level. On the downside, a break below the psychological level of 0.9000 will give us a reason for concern.

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.

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Weekly Report

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