Morning Report

The royal pair extended its correctional movements towards 61.8% Fibonacci level for the upside rally from the low of 0.8205 to 0.8380. We should see a reversal from the current areas to keep the suggested count valid as we propose that the internal second wave of A wave of the suggested corrective scenario could stop around 61.8% Fibonacci level, while the next correctional Fibonacci level reside around 0.8250-76.4% level-. A breakout above 0.8315 zones could offer a confirmation for the awaited reversal. To recap, possible upside actions could be seen over intraday basis.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8400.

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

Support0.82450.82100.81800.81600.8140Resistance0.82950.83150.83550.83800.8400RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8320 targeting 0.8420 and stop loss below 0.8245 might be appropriate.