Morning report


The royal pair is trapped in a very narrow range, preparing to activate the impulsive upside wave, which should be seen as the bigger fifth wave of our previous explained Elliott sequence on the daily time scale. The secondary 4h chart has already formed a bullish candlestick structure that may cause a price explosion to the upside on the intraday basis.

The trading range is among the key support at 0.8930 and key resistance now at 0.9260.

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 0.9050 targeting 0.9170 and stop loss below 0.8960 might be appropriate.