Morning report


From a harmonic point of view; we think that the royal pair will be able to finish the BC leg around 0.9125-0.9135 zones for our suggested harmonic formation. From these areas, we believe that it will be capable of building the last CD leg, targeting 0.8930 zones. Therefore we keep our suggested bearish anticipation over intraday basis. This outlook will prevail as far as the pivotal resistance levels of 0.9175 kept intact.

The trading range is among the key support at 0.8930 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, selling the pair from 0.9125 targeting 0.9035 and stop loss above 0.9175 might be appropriate.