Morning Report

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The royal pair didn't show any big move since the weekly report was published yesterday. Thus; the bearishness is still in favor over intraday basis, based on the previous captured bearish classical pattern. The trading continues below the neckline of this aforesaid pattern since 30th of July, adding further negative pressure on the pair. A break of 0.8255 could accelerate the movements towards the projected technical target but on the other hand a break of 0.8400 will indicate that the bearishness is over

The trading range for today is among the key support at 0.8205 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.

Weekly Report

Previous Report

Support0.82950.82550.82250.82050.8180
Resistance0.83350.83550.83800.84000.8420
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8315 targeting 0.8205 and stop loss above 0.8400 might be appropriate.