Morning Report

The royal pair stabilized around the pivotal support areas of 0.8550 since yesterday. Henceforth, we still believe that it might incline over intraday basis, based on our suggested classical scenario of the double bottom formation. The positive signs appearing on indicators still exist, supporting our outlook. A break of the upper line of the descending channel might accelerate the awaited bullishness.

The trading range for today is among the key support at 0.8420 and key resistance now at 0.8660.

The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400-0.8380 remain intact.

Weekly Report Previous Report

Eye on the pair

Support0.85200.85000.84800.84200.8400Resistance0.85800.86050.86350.87000.8720RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8540 targeting 0.8700 and stop loss below 0.8420 might be appropriate.