Morning Report

The royal pair moved downwards but it succeeded in closing positively above the pivotal support levels of 0.8205. These actions created a new trading range on the daily basis between 0.8200 and 0.8380 zones as seen on the provided chart. Therefore, we believe that the sideways movements could dominate the pair over the coming period as far as we don't witness a closing below 0.8200 or above 0.8380 zones. Having a look at Stochastic , we see how it is approaching the oversold areas thus it might trend upwards but as there is no confirmed sign so that our outlook will be neutral over intraday basis.

The trading range for today is among the key support at 0.8100 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

Support0.82050.81800.81400.81000.8060Resistance0.82950.83150.83550.83800.8400RecommendationBased on the charts and explanations above our opinion is, staying aside and following the coming reports.