Morning Report


The royal pair continued to decline, succeeded in breaching 61.8% Fibonacci level between 0.8830-0.8810. Henceforth, further bearishness could occur today; targeting 76.4% Fibonacci level at 0.8730 and it might extend towards the minor support level of 0.8660-0.8670.

The trading range for today is among the key support at 0.8660 and key resistance now at 0.8885.

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 0.8790 targeting 0.8665 and stop loss above 0.8865 might be appropriate.