Morning Report


The secondary image of the four-hour interval shows that, the royal pair has formed a clear positive divergence. Hence, we still expect acorrective upside wave before resuming the downside rally. The harmonic pattern, appearing on the daily chart supports this temporarily bullish anticipation. Stochastic is moving inside oversold areas, adding further confirmation for today's scenario.

The trading range is among the key support at 0.8530 and key resistance now at 0.8905.

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.

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RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8660 targeting 0.8755 and stop loss below 0.8580 might be appropriate.