Morning Report


The royal pair stabilized above the key support levels of 0.9070 as seen on the provided daily chart. It is moving according to the scenario that was discussed in our yesterday's midday report. Now, the CD leg of the harmonic formation is still in progress. Thereby, possible bullishness could be witnessed over intraday basis, particularly if it succeeded in breaching 0.9140 zones.

The trading range is among the key support at 0.8905 and key resistance now at 0.9290.

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 0.9095 targeting 0.9205 and stop loss below 0.9010 might be appropriate.