Morning report

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As we mentioned in our midday report yesterday, the royal pair is preparing to place the bigger fifth wave of the Elliott cycle, supported by thebullish AB=CD which is currently under preparation with a potential reversal zone around 50% Fibonacci level of the entire sequence. Therefore we keep the overview to the upside over the intraday and short term basis.

The trading range is among the key support at 0.8790 and key resistance now at 0.9205.

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.

Support0.89300.89050.88650.88350.8800
Resistance0.90000.90300.90700.91150.9175
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8960 targeting 0.9070 and stop loss below 0.8870 might be appropriate