Morning report


The royal pair inclined sharply, approaching the detected technical target around 0.9145 zones as it placed a temporarily high at 0.9130. Now a vey slight downside correction from the present levels at 0.9090 towards the broken resistance level of 0.9070 is needed to relieve the momentum indicator before resuming the upside rally according to our proposed Elliott scenario over short term basis. Thereby, potential bullish actions are to be witnessed over intraday basis.

The trading range is among the key support at 0.8905 and key resistance now at 0.9300.

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 0.9070 targeting 0.9175 and stop loss below 0.8990 might be appropriate.