Morning Report


Despite the daily closing being negative, the royal pair actually is forming an ideal [BAT] pattern currently,according to the harmonic studies for ratios. The provided four-hour chart explains the technical idea of potential reversal actions to the upside over intraday basis; while the secondary image shows the ratios of Fibonacci levels, which the pattern might respect and it shows the ideal formation. The oversold signs appearing on Stochastic support our bullish overview.

The trading range is among the key support at 0.8690 and key resistance now at 0.9070.

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 0.8860 targeting 0.8965 and stop loss below 0.8785 might be appropriate.