Morning Report


The royal pair continued trading above 161.8% Fibonacci projection of CD leg of bullish harmonic 5-0 pattern as seen on the provided four hour graph. There are two positive signs appeared today as AROON became positive; while the candlestick structure also became bullish and thereby, we hold onto our bullish predications over intraday basis, supported by SMA 50 which carries the royal pair from below. Fibonacci of 261.8 % of CD leg is under our technical microscope.

The trading range for today is among the key support at 0.8585 and key resistance now at 0.8860.

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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RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8685 targeting 0.8815 and stop loss below 0.8585 might be appropriate.