Morning report


Under the pressure of forming the internal waves of the bigger 4th wave, the royal pair went mildly downwards; gathering the momentum it needs to move upwards once more in order to activate the bullish scenario of our detected Elliott waves count as seen on the chart above. Hence we keep our overview to the upside over the intraday basis.

The trading range is among the key support at 0.8960 and key resistance now at 0.9300.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.9100 targeting 0.9205 and stop loss below 0.9020 might be appropriate.