The royal pair continued its previous awaited downside correction, where it succeeded in covering the gap, which occurred with the opening of this week. Now, it found a solid support around 127.2% Fibonacci projection of the CD leg of the bullish harmonic AB=CD pattern as seen on the provided four hour graph. We believe that it is building the base it needs to breach 161.8% Fibonacci at 0.8675 on its way to reach the extended technical target of the aforesaid pattern at 0.8815, where 261.8% Fibonacci projection of CD leg exists. To recap, we hold onto our positive predictions over intraday basis as far as 0.8520-0.8490 zones remain intact.
The trading range for today is among the key support at 0.8520 and key resistance now at 0.8780.
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 0.8630 targeting 0.8760 and stop loss below 0.8525 might be appropriate.|