Morning Report


In line with yesterday's anticipated scenario, the royal pair soared as seen on the provided four hour chart, activating the positive divergence. In the interim, AROON started to give the first sign of the two required signs, where AROON down -colored in red- has penetrated the value of 70.00. More upside actions are awaited over intraday basis as the bullish trend of bullish harmonic 5:0 pattern is still in progress. A break of 0.8815 will accelerate the wave, while a break of 0.8950 will change the short term trend.

The trading range for today is among the key support at 0.8685 and key resistance now at 0.8965.

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 0.8780 targeting 0.8950 and stop loss below 0.8675 might be appropriate.