Morning Report


The royal pair has been forced via the pivotal resistance areas of 0.9070-0.9060 to correct strongly but its still carried above 50 % Fibonacci level. The recently established range areas between the above mentioned resistance and the initial support level of 0.8900; shows that aprice explosion is underway. We still keep the potential upside expectation over intraday basis, based on our suggested Elliott count. Note that a breakoutfor 0.8980 is needed to confirm the mentioned anticipation.

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 above 0.8980 targeting 0.9070 and stop loss below 0.8900 might be appropriate