Morning Report


Yesterday's clear bullish candlestick-secondary image- has taken the royal pair very aggressively to the upside. Now, the positive crossover appears on Stochastic argues us to keep our overview to the upside over intraday basis, based on our proposed Elliott count. Note that, the pivotal support areas between 0.8935 and 0.8905 should be re-tested before resuming the upside rally.

The trading range is among the key support at 0.8760 and key resistance now at 0.9160.

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.

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8935 targeting 0.9030 and stop loss below 0.88450 might be appropriate.