Morning Report


The royal pair didn't show any aggressive move and we still think that, it is building a technical base around the support level of the descending channel, while momentum indicators are showing positive signs. Therefore, possible bullishness could be seen over intraday basis,supported by the suggested Elliott count of the short term basis. We need to witness a breakout above 0.8760 is needed to keep our scenario valid.

The trading range for today is among the key support at 0.8580 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, buying the pair from 0.8725 targeting 0.8830 and stop loss below 0.8645 might be appropriate