Morning Report


In line with our yesterday's midday report, the royal pair went slightly downwards towards 0.8740 zones, where it has found a solid support that pushed it again to the upside. The positive crossover appearing on Stochastic indicates that, the classical pattern (head and shoulders bottom pattern) might continue. Thereby, potential upside movements might be seen over intraday basis.

The trading range is among the key support at 0.8610 and key resistance now at 0.9005.

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 0.8750 targeting 0.8830 and stop loss below 0.8685 might be appropriate.