Morning Report

As we discussed earlier, the royal pair retested the broken downtrend line of the bearish channel as seen on the provided daily chart. Now, the negative pressure of the indicators is decreasing gradually and consequently, the bullishness of the classical pattern-double bottom- along with the suggested Elliott count-Eye on the pair report- might assist it to show positive actions over intraday basis, retargeting the neckline areas.

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

Eye on the pair

Support0.85300.85000.84800.84200.8400Resistance0.85800.86050.86350.86700.8700RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8530 targeting 0.8670 and stop loss below 0.8420 might be appropriate.