Morning Report


The royal pair succeeded in breaching the initial support levels of 0.8830 as seen on our chart, proving the strength of the bearish effect of (C) wave of our suggested Elliott count as we discussed several times before. Presently, some kind of fluctuation might occur as momentum indicators are moving inside oversold areas, where this fluctuation might take the pair to re-test the broken support-turned into resistance - at 0.8830, before resuming the possible downside rally.

The trading range for today is among the key support at 0.8685 and key resistance now at 0.9000.

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 0.8830 targeting 0.8740 and stop loss above 0.8905 might be appropriate.