Morning Report


The royal pair succeeded to close yesterday above the pivotal resistance level of 0.8930, supported by the previous explained positive divergence, which offered the possibility of starting the impulsive fifth wavefor our daily Elliott sequence. Hence, we think that the intraday outlook is still to the upside. Note that a break of 0.9000 will ease the way towards the cluster resistance areas of 0.9070.

The trading range is among the key support at 0.8760 and key resistance now at 0.9175.

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 0.8960 targeting 0.9065 and stop loss below 0.8870 might be appropriate