Morning Report


The pair has been able to achieve bearish actions below the pivotal support levels of 0.8965. Therefore, the suggested Elliott count-explained in details yesterday- is still valid and it is still pressuring the royal pair to the downside over intraday basis and short term basis. Some kind of internal corrective actions could occur inside this possible negative scenario for today.

The trading range for today is among key support at 0.8790 and key resistance now at 0.9115.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8950 targeting 0.8840 and stop loss above 0.9030 might be appropriate