Morning Report


The royal pair inclined heavily yesterday, influenced by our caught bullish reversal pattern (head and shoulders bottom), seen on the provided four-hour chart. Currently, a break of 0.8820might open the door up for additional bullish movements over intraday basis towards the technical objective of the pattern at 0.8935.

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 0.8810 targeting 0.8905 and stop loss below 0.8735 might be appropriate.