Morning Report


The royal pair has found a slid support above the initial support level of 0.8905, pushing it to move upwards. These positive actions, accompanied by the bullish signs appearing on indicators signaled that, the A wave might have been ended and the pair is currently forming the B wave of our suggested Elliott sequence. Therefore potential corrective upside movements could be seen over intraday basis.

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, buying the pair from 0.8940 targeting 0.9030 and stop loss below 0.8875 might be appropriate.