Morning Report


The royal pair obeyed our yesterday's technical speculation, breaching the harmonic bearish trend line that connects between A, C and the virtual breakout points. It is currently struggling to clear the resistance of SMA 50 -colored in red-. We believe that Stochastic could be relieved and after that the pair could continue its projected bullishness over intraday basis, influenced by the bullish harmonic butterfly pattern.

The trading range for today is among the key support at 0.8085 and key resistance now at 0.8315.

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, buying the pair with a break of 0.8215 targeting 0.8310 and stop loss below 0.8140 might be appropriate.