Morning Report


The royal pair is moving according to our yesterday's suggested scenario as it moved mildly downwards first then started to incline again, where it succeeded in closing above the pivotal support zones of 0.9030. Now, the positive scenario of the classical and harmonic formation is underway towards the second technical objective which is seen on the provided daily chart. Henceforth, possible bullishness might be seen over intraday basis.

The trading range is among the key support at 0.8890 and key resistance now at 0.9205.

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 0.9060 targeting 0.9170 and stop loss below 0.8980 might be appropriate.