Morning report


The secondary image for the four-hour chart; shows that the royal pair succeeded to form a continuation pattern -pennant-. This pattern indicates that the impulsive fifth wave is to continue for the time being. Hence, we keep our proposed Elliott count and the intraday overview is to be kept to the upside. Stochastic of the 4h confirms this speculation.

The trading range is among the key support at 0.8790 and key resistance now at 0.9206.

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 0.9000 targeting 0.9110 and stop loss below 0.8925 might be appropriate.