Morning Report

The royal pair couldn't create the suggested classical pattern as it couldn't maintain levels above its neckline-check yesterday's reports-. Thus; the negative pressure of the bigger picture of Elliott count-discussed in the weekly report- might continue over intraday basis. AROON still reflects the strength of the bearish trend. Some kind of fluctuation is highly anticipated if it succeeded in touching 0.8180 zones-76.4% Fibonacci level for the rally from 0.7695 to all-time high of 0.9805.

The trading range for today is among the key support at 0.8060 and key resistance now at 0.8380.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

Weekly Report Previous Report

Support0.82100.81800.81400.81000.8060Resistance0.82450.82750.83050.83550.8380RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout below 0.8185 levels targeting 0.8060 and stop loss above 0.8285 might be appropriate.