The royal pair stabilized above SMA 50-colored in red-, while the first required sign of the two signs of AROON indicator started to appear as AROON down penetrated the value of 70.00, suggesting that the correctional actions might have been limited. Thereby, wekeep our positive scenario intact, where we believe that the pair is gathering the momentum it needs to reach the scientific technical targets of our previous discussed 5-0 pattern at 161.8% Fibonacci projection of CD leg at 0.8670. For more details about this harmonic structure, we recommend reviewing the weekly report.
The trading range for today is among the key support at 0.8460 and key resistance now at 0.8700.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 0.8560 targeting 0.8670 and stop loss below 0.8490 might be appropriate.|