Morning Report


The royal pair is moving ideally according to our classical scenario as it succeeded in forming the right shoulder of the head and shoulders bottom pattern around our defined areas, seen on the provided four-hour chart. Stochastic supports this potential upside scenarioover intraday basis, as the pair is moving towards the neckline of our detected pattern.

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.

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RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8710 targeting 0.8800 and stop loss below 0.8635 might be appropriate.