Morning Report

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Inline with our yesterday's explained scenario, the royal pair declined after getting rid of positive signs appeared on indicators. Classically, the descending channel that organizes the bearishness is still efficient. Hence, we still see chances for achieving additional bearish movements over intraday basis to complete the corrective structure for our caught Elliott sequence. Note that, the potential support resides at 0.8865.

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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Support0.88650.88300.87900.87600.8720
Resistance0.88850.89050.89350.89650.9000
RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8865 targeting 0.8740 and stop loss above 0.8960 might be appropriate.