Morning Report


The royal pair is moving freely below the neckline of the suggested bearish technical pattern that we discussed several times before. The negative overlapping which appears on Stochastic argues us to keep the negative classical overview over intraday basis. A break of 0.8255 could accelerate this possible scenario, while areas of 0.8400 should hold to keep it valid.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8420.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8305 targeting 0.8185 and stop loss above 0.8390 might be appropriate.