The royal pair is still respecting the harmonic scenario of 5-0 pattern, which we caught two weeks ago, achieving consecutive four closings over four hour interval above 161.8% Fibonacci projection of CD leg. Not only that, but it succeeded in achieving a daily closing above this important level. Thereby, we believe that it might retest this broken Fibonacci level before resuming the northern journey towards the projected objective at 261.8% Fibonacci projection of CD leg at 0.8815. Click on the weekly report for more details about the aforesaid harmonic structure.
The trading range for today is among the key support at 0.8585 and key resistance now at 0.8815.
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 0.8675 targeting 0.8815 and stop loss below 0.8560 might be appropriate.|