Morning Report


Stable move below the cluster resistance areas of 0.8720 is to declare that the suggested Elliott count is still in favor and the royal pair is preparing to activate the fifth wave of c wave. Thereby, we still expect potential downside movements over intraday basis. Stochastic and AROON support this negative scenario.

The trading range is among the key support at 0.8530 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, selling the pair from 0.8690 targeting 0.08585 and stop loss above 0.8760 might be appropriate.