Morning Report


After breaching the critical resistance areas between 0.8790 and 0.8830, the royal pair has inclined strongly. It stopped three pips below the suggested technical objective at 0.8905, but actually the head and shoulders bottom pattern has been confirmed after breaching the neckline. Thus, more bullishness might be underway over intraday basis towards the pattern's target at 0.8995-0.9005. Please check the weekly report to see the allover formation of our captured classical pattern.

The trading range is among the key support at 0.8720 and key resistance now at 0.9030.

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 0.8865 targeting 0.8960 and stop loss below 0.8785 might be appropriate.