Morning report


As discussed in our midday report yesterday; the royal pair went slightly downwards to correct the aggressive upside actions, then it gathered the momentum it needs around the key support level of 0.9030. Currently, a bullish candlestick formation is to assist it to move upwards more on the intraday basis, supported by the positive harmonic structure, seen on the four-hour chart.

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 0.9070 targeting 0.9175 and stop loss below 0.8985 might be appropriate.