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Morning Report
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The pair is stable now above SMA 50, which suggests that the upside move could extend over intraday basis; however, momentum indicators are within overbought areas, pressuring the pair to the downside towards the support level of the minor ascending channel shown above. A breach of this support around 0.8280 could turn this channel into a bearish Flag continuation pattern. Therefore, we still uncertain in regards to the pair's next move, so we recommend observing the pair around the critical levels of 0.8280 and 0.8425.
>The trading range for today is among the major support at 0.8200 and the major resistance at 0.8480.
The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.
| Support | 0.8340 | 0.8280 | 0.8255 | 0.8200 | 0.8170 |
| Resistance | 0.8425 | 0.8480 | 0.8550 | 0.8605 | 0.8635 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 0.8425, targeting 0.8550 and then 0.8660 and stop loss with 4-hour closing below 0.8340 might be appropriate. Or selling the pair with 4-hour closing below 0.8285, targeting 0.8170 and then 0.8100 and stop loss with 4-hour closing above 0.8340 might be also appropriate. | ||||
