Morning Report

The royal pair is still trapped within a very narrow range since the opening of this week. Therefore, we still believe that it is building the potential reversal zones of the bullish harmonic crab pattern as RSI 14 is showing oversold signal and AROON turned into bullish. Areas of 0.8255 should hold to protect this highly anticipated upside recovery without ignoring that there is a chance for visiting 0.8270 zones before moving upwards.

The trading range for today is among the key support at 0.8180 and key resistance now at 0.8460.

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 0.8305 targeting 0.8420 and stop loss below 0.8250 might be appropriate.