The royal moved slightly downwards, where it touched the lower-support- line of our previous caught ascending channel, which dominates the movements towards the technical target of the bullish harmonic 5-0 pattern. RSI 14 became very close to overbought areas; whilst a positive divergence started to appear. Henceforth, we hold onto our bullish anticipations over intraday basis and we believe that, a break of 0.8680 will trigger good buying pressures.For more details about the technical story of the bullish harmonic pattern, we recommend reviewing the weekly report.
The trading range for today is among the key support at 0.8520 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 of 0.8965 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair with a breakout above 0.8675 targeting 0.8810 and stop loss below 0.8605 might be appropriate.|