Morning Report

/

After reaching the awaited support level of 0.8935, the royal pair started to incline aggressively yesterday, where it approached the technical objective at 0.9030. Thus, we still think that it is preparing to resume forming the CD legfor a harmonic formation, as seen on the provided daily chart.We keep our outlook to the upside for the rest of the dayas far as 0.8865 areas remain intact.

The trading range is among the key support at 0.8790 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.

Weekly Report

Support0.89650.89350.89050.88600.8820
Resistance0.90300.90700.91150.91450.9175
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8985 targeting 0.9070 and stop loss below 0.8910 might be appropriate.