Morning Report


Respecting our bullish classical scenario, the royal pair has reached the suggested technical objective of yesterday's reports exactly at 0.8320 as seen on the provided chart. Today, we will look at it from a pure harmonic point of view as a bearish harmonic formation was detected, whereas a downside move could be seen today affected by touching 127% Fibonacci level of XA leg. AROON and RSI 14 support our today's suggested negative scenario.

The trading range for today is among the key support at 0.8140 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.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8305 targeting 0.8230 and stop loss above 0.8365 might be appropriate.