Morning Report


The royal pair didn't' confirm the continuation for the upside rally which is based on the mixture studies between classical and harmonic as seen on the provided daily chart. Actually, the resistance areas between 0.9070 and 0.9095 should be breached to confirm this bullish scenario. Note that, momentum indicator shows overbought signs that might delay the potential bullishness which we expect over intraday and short term basis.

The trading range is among the key support at 0.8865 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 with a breakout above 0.9070 targeting 0.9170 and stop loss below 0.8985 might be appropriate.