Morning Report

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The royal pair is still building the awaited right shoulder for the previous discussed Head and shoulders bottom pattern, seen on the provided four-hour chart. Thus, we expect that, the pair is to build a base around 0.8700-0.8690 zones before starting the potential upside movements over intraday basis.

The trading range is among the key support at 0.8580 and key resistance now at 0.8865.

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 Previous Report

Support0.87200.87000.86800.86550.8610
Resistance0.87600.87800.88000.88200.8860
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8690 targeting 0.8800 and stop loss below 0.8610 might be appropriate.