Morning Report


The royal pair has built a cluster resistance around 61.8% Fibonacci level for the entire rally from 0.8066 to 0.8530. This levels looks like a ceiling that prevent the pair from showing any ascending moves since yesterday; therefore, we believe thatthe bearishness of the bearish classical pattern could continue over intraday basis towards its scientific technical objective at 0.8180 zones. Stochastic might help the pair to reach the target.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8380.

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 0.8260 targeting 0.8180 and stop loss above 0.8325 might be appropriate.