Morning report


The royal pair has been protected yesterday from breaching the lower line of the minor ascending channel. Thus; the daily closing alongside the positive crossover that has been activated on the Stochastic-secondary image- has added further confirmation that, the bullish effect obtained from our proposed bullish harmonic formation is to continue. Thereby, we keep our intraday outlook to the upside as far as areas of 0.8980 remain unbroken.

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 0.9050 targeting 0.9145 and stop loss below 0.8975 might be appropriate.