Morning Report

The royal pair is still moving according to the bearish harmonic scenario, which is still in favor. As we discussed in the previous report, there is a probability of reaching 161.8% Fibonacci level of XA leg instead of 127% but the overbought sign, which appears on RSI 14, could prevent it from reaching 161.8% of XA leg. Therefore, we keep our overview unchanged over intraday basis, supported by the negative sign that started to appear on AROON indicator.

The trading range for today is among the key support at 0.8180 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8320 targeting 0.8240 and stop loss above 0.8380 might be appropriate.