Finally, the royal pair breached the support levels of the trading range areas at 0.8200-0.8180, closing below it yesterday. Henceforth, the path is now cleared towards the next support levels over short term basis at 0.8060. Note that, the broken areas could be re-tested before resuming the suggested bearishness. Follow our next reports ,as we will discussa prposed Elliott scenarioover the weekly charts.
The trading range for today is among the key support at 0.8000 and key resistance now at 0.8275.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.
Support0.81000.80800.80600.80350.8000Resistance0.81800.82000.82300.82550.8275RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8170 targeting 0.8060 and stop loss above 0.8255 might be appropriate.