Morning Report

The royal pair soared yesterday, proving the efficiency of our captured inverted head and shoulders pattern as seen on the provided daily chart. MACD indicator is still positive and therefore, we believe that the bullishness will continue over intraday basis towards the technical objective of the suggested pattern at 0.8730 zones. SMA 50-colored in red- is still carrying the bullishness from below, adding further confirmation to our positive classical scenario.

The trading range for today is among the key support at 0.8520 and key resistance now at 0.8730.

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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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8605 targeting 0.8730 and stop loss below 0.8520 might be appropriate.