Morning Report


Respecting the bearish scenario of our suggested Elliott count, the royal pair declined, touching the lower line of the descending channel as seen on the provided four-hour chart. Now, the oversold signs appearing on indicators signal that, the short term descending wave is about to stop and possible positive actions might start today. A break of the initial resistance 0.8760 is urgently needed to confirm the awaited bullishness.

The trading range for today is among the key support at 0.8580 and key resistance now at 0.8905.

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, buying the pair from 0.8725 targeting 0.8830 and stop loss below 0.8645 might be appropriate.