Morning Report

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The Elliott studies over short term basis indicated that, the royal pair has been capable of achieving 5 waves already with a truncation case for the fifth wave. Therefore, potential downside movements could occur to form the A-B-C correction in order to complete the Elliott sequence. Stochastic might cause fluctuated moves.

The trading range for today is among key support at 0.8935 and key resistance now at 0.9170.

The general trend over the short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400 remain intact.

Weekly ReportPrevious Report

Support0.90300.90000.89650.89350.8905
Resistance0.90700.91150.91400.91700.9205
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.9070 targeting 0.8965 and stop loss above 0.9140 might be appropriate.