Morning report


The secondary image shows, how the royal pair succeeded to form an hourly bullish candlestick formation alongside positive Stochastic overlapping, supporting the potential upside expectation over the intraday basis. It seems that, the pair is building a technical base from where it can activate the short tern Elliott fifth wave of the [IM] construction. Areas of 0.8820 should protect our suggested count.

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.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8950 targeting 0.9060 and stop loss below 0.8870 might be appropriate.