Morning Report

A new technical factor is to be added to our suggested bullish scenario-check the weekly report-. It is the perfect bullish harmonic butterfly pattern which continues pushing the royal pair upwards as seen on the provided weekly chart with targets at 0.8475-38.2% Fibonacci of CD leg-. Henceforth, we keep our outlook to the upside over intraday basis, supported by RSI 14.

The trading range for today is among the key support at 0.8180 and key resistance now at 0.8500.

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

Support0.83150.82950.82550.82300.8180Resistance0.83550.83800.84000.84200.8470RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8300 targeting 0.8415 and stop loss below 0.8225 might be appropriate