Morning Report

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The royal pair has been trapped within a tight range since the opening of the current week. Hence, we still believe that potential downside actions might be seen over intraday basis under the negative pressure, obtained from the suggested Elliott count as we believe that the fifth wave of the C wave is in progress; retargeting 0.8400 zones over short term basis.

The trading range is among the key support at 0.8610 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.

Weekly Report Previous Report

Support0.87000.86800.86550.86100.8585
Resistance0.87400.87600.88000.88200.8865
RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8690 targeting 0.08585 and stop loss above 0.8760 might be appropriate.