Morning Report

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The royal pair was very close to the technical objective that we defined in our previous report, but it inclined from 0.8240 zones for specific three technical treasons:

1- Facing 61.8% Fibonacci level of the upside rally from 0.8065 to 0.8530.

2- To relieve Stochastic as we discussed in our weekly report.

3- To achieve a re-testing action for the previous broken neckline of the suggested classical pattern.

Therefore, we believe that potential bearishness could be witnessed over intraday basis.

The trading range for today is among the key support at 0.8180 and key resistance now at 0.8400.

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

Support0.82550.82250.82050.81800.8140
Resistance0.83150.83350.83550.84000.8420
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8315 targeting 0.8210 and stop loss above 0.8400 might be appropriate