Morning report


Yesterday's bullish candlestick pattern has confirmed the bullish classical pattern that we explained in our yesterday's reports-check it here-. Focusing back on our short term Elliott cycle, we see that the impulsive upside movements are still in favor to form the fifth wave. Hence further upside movements are awaited over intraday basis, particularly if the royal pair succeeded to penetrate the key resistance level of 0.9175.

The trading range is among the key support at 0.8965 and key resistance now at 0.9340.

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 0.9135 targeting 0.9240 and stop loss below 0.9050 might be appropriate.