Morning Report


The collapse that occurred yesterday, seen on yesterday's candlestick-secondary image- is declaring that the bigger picture of the suggested daily Elliott count hasreturned into focus. The royal pair has started forming the fifth wave of IM downside wave, supported by negative signs appearing on indicators. Thus, the intraday outlook is to the downside over intraday basis.

The trading range is among the key support at 0.8580 and key resistance now at 0.8935.

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, selling the pair from 0.8720 targeting 0.8610 and stop loss above 0.8800 might be appropriate.