Morning Report

The royal pair retraced from 61.8% Fibonacci of CD leg of our previous captured bullish harmonic crab pattern that proved its efficiency during the previous sessions. Now, areas of 0.8335 are providing the pair with good support, while the candlestick formations were formed. RSI 14 is trending upwards and thus, we believe that the pair may retarget 61.8% Fibonacci once more but 0.8370 should be breached first.

The trading range for today is among the key support at 0.8225 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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8370 targeting 0.8490 and stop loss below 0.8275 might be appropriate.