Morning Report


The Royal pair is moving to its drawn bullish mixed scenario of the classical and harmonic studies as we discussed several times earlier. It is currently hitting the neckline of the double bottom formation. Consequently, fluctuated movements could be seen before resuming the highly anticipated bullishness over intraday basis. The technical objective resides at 0.8820-0.8830 zones but we have to be careful that, potential cluster resistance areas reside around 0.8760 zones.

The trading range for today is among the key support at 0.8580 and key resistance now at 0.8860.

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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Support0.87000.86600.86300.86050.8580Resistance0.87200.87600.88300.88650.8905RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8700 targeting 0.8815 and stop loss below 0.8605 might be appropriate.