Morning report


The royal pair has been capable of breaching the neckline of our captured classical pattern as seen on the above four-hour chart as we explained in our yesterday's reports. Now, a re-testing for this neckline is underway, targeting 0.9080 zones before resuming the potential bearishness over intraday basis. Technical target of the pattern resides at 0.8980 zones.

The trading range is among the key support at 0.8820 and key resistance now at 0.9260.

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, selling the pair from 0.9080 targeting 0.8985 and stop loss above 0.9155 might be appropriate.