Morning Report

In line with our yesterday's proposed scenario, the royal pair inclined slightly to activate the awaited negative overlapping of Stochastic. This bearish crossover might assist it to breach the neckline of the previous discussed bearish classical pattern as seen on the provided four-hour chart. From here, potential downside actions could be witnessed over intraday basis, supported by the negative candlesticks formations. Areas of 0.8315 should be breached to activate this outlook.

The trading range for today is among the key support at 0.8205 and key resistance now at 0.8470.

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

Support0.83150.82950.82550.82050.8180Resistance0.83800.84000.84200.84700.8500RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8315 targeting 0.8210 and stop loss above 0.8400 might be appropriate.