Morning Report


The royal pair has been capable of achieving the expected bearishness of yesterday's midday report and it succeeded in forming a long black candlestick pattern on the daily basis as seen on our provided chart. The bearish harmonic formation might have been completed at 0.9140 and therefore we see chance foe more negative actions to occur over intraday basis. Indicators confirm this bearish overview.

The trading range is among the key support at 0.8760 and key resistance now at 0.9030.

The general trend over 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 0.8905 targeting 0.8830 and stop loss above 0.8970 might be appropriate.