Morning report


The royal pair couldn't maintain levels below 0.8980, clarifying that the potential reversal zones-D- of the harmonic structure might have been limited there. Thus, it started to form a bullish candlestick formation above 76.4% Fibonacci level of our suggested XA leg, accompanied by momentum bullish sign. So we believe that the intraday outlook is to the upside, particularly if it succeeded to hit 0.9070 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, buying the pair from 0.9030 targeting 0.9135 and stop loss below 0.8945 might be appropriate.