Morning Report


The royal pair moved mildly downwards, respecting our yesterday's expected scenario, where we explained that, the momentum indicators were in a definite need for being relieved. Now, positive crossover appearing on the provided four-hour chart along with the solid support the pair found around the lower line of the bullish channel is to push it to the upside on the intraday basis towards the technical objectives-seen on the chart- for our previous explained ideal bullish harmonic [BAT] pattern.

The trading range is among the key support at 0.8760 and key resistance now at 0.9205.

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 0.8965 targeting 0.9070 and stop loss below 0.8880 might be appropriate.

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