Morning Report

The royal pair closed negatively yesterday below the initial support levels-turned into resistance at 0.8605-. Consequently, it might retest the broken downtrend line of the descending channel before resuming the bullishness, which is based on the suggested double bottom formation. We are not sure that, the above mentioned trend line could assist the pair to consolidate once more as the indicators shows consecutive negative signs. Thus; we need more confirmation and therefore our outlook will be neutral until we see a stable move above 0.8605 zones.

The trading range for today is among the key support at 0.8420 and key resistance now at 0.8720.

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

Support0.85500.85000.84800.84200.8400Resistance0.86050.86350.86600.87000.8720RecommendationBased on the charts and explanations above our opinion is, staying aside and following the coming reports.