Morning Report

Normal expected consolidation around the uptrend that carried the movements from C point of the suggested harmonic butterfly pattern. This uptrend line is carrying the CD leg as well, whilst SMA 50-colored in red- is still acting as a good floor. Henceforth, we believe that the royal pair is gathering the momentum it needs toresume its projected bullishness over intraday basis,to complete the harmonic formation. Note that areas of 0.8440 should hold to keep this structure valid.

The trading range for today is among the key support at 0.8390 and key resistance now at 0.8630.

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, buying the pair around 0.8520 targeting 0.8660 and stop loss below 0.8440 might be appropriate.