Morning Report

The royal pair is trapped within a very narrow range and seems like forming the second internal corrective wave for A wave before resuming the allover A-B-C corrective structure of the suggested Elliott count. Note that areas of 0.8315-0.8320 could act as solid support, 38.2% Fibonacci for the last incline from 0.8205 to 0.8385. We still hold our positive anticipations that we discussed in details in the weekly report.

The trading range for today is among the key support at 0.8245 and key resistance now at 0.8480.

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

Support0.83150.82950.82450.82100.8180Resistance0.83550.83800.84000.84200.8460RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8320 targeting 0.8420 and stop loss below 0.8245 might be appropriate.