Morning Report

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The royal pair continued trading within the recently drawn bullish channel as seen on the provided four hour graph. This is the most accurate positive technical factor that argues us to predicate more bullishness over intraday basis. When we add this channel to the bullish harmonic 5-0 pattern, we will see how the pair is still respecting this harmonic structure; specifically the nature of the pattern which always send the price to the extended technical targets. Stabilizing above 161.8% Fibonacci of CD leg opens the door up towards 261.8% at 0.8815 zones. For more details about the projected extended targets, we recommend reviewing the weekly report.

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 of 0.8965 remain intact.

Previous Report

Weekly Report

Support0.86900.86650.86300.86050.8585
Resistance0.87300.87800.88150.88600.8910
RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8710 targeting 0.8815 and stop loss below 0.8620 might be appropriate.