Morning Report

After reaching the suggested technical objective of the medium term basis, mentioned in our previous reports at 0.8060, the royal pair inclined sharply on the secondary image of the daily basis. Actually, we are not completely sure that the forth wave the suggested Elliott count is completed but the strong rebound from 0.8060, where the pair met the lower line of the descending channel signals that more upside recovery towards the key resistance levels of 0.8380 zones thatcould occur for the time being. RSI 14 is currently touching the levels of 30.00, supporting the positive scenario.

The trading range for today is among the key support at 0.8060 and key resistance now at 0.8315.

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

Support0.81400.81000.80800.80600.8035Resistance0.82000.82300.82550.82750.8315RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8175 targeting 0.8295 and stop loss below 0.8080 might be appropriate.