Morning Report

eurgbp21

The clear upside move yesterday carried the pair above the neckline for a classic bullish pattern, also pushed it above 50% correction of CD leg of the harmonic formation; therefore, the pair is to continue the upside move towards the second harmonic target at 61.8% at 0.8510.

The trading range for today is among the key support at 0.8330 and key resistance now at 0.8565.

The general trend over short term basis is to the downside targeting 0.7780 as far as areas of0.8965remain intact.

Support0.84450.84100.83900.83700.8330
Resistance0.84900.85100.85650.85900.8635
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.8445 targeting 0.8510 and stop loss below 0.8370 might be appropriate