Morning Report

The royal pair inclined sharply yesterday affected by the previous explained bullish candlestick pattern of the previous week-secondary image-. The lower line of the descending channel is still pushing it upwards while RSI 14 turned higher. Thus,more bullishness could be seen over intraday basis. A stable move above 0.8295 could accelerate the awaited bullish actions towards 0.8380-0.8400 zones.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8460.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

Weekly Report

Support0.82550.82300.81800.81400.8100Resistance0.83150.83550.83800.84000.8420RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8270 targeting 0.8380 and stop loss below 0.8180 might be appropriate.