Morning Report

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The royal pair continues to trade negatively to trade near the support of the descending channel shown on image, while momentum indicators continue to provide positive signs adding strength to this support. In general, we maintain our bearish intraday outlook for the pair, where we will be anticipating a breach of one of the pivotal levels at 0.8310 support and 0.8385 resistance. For more details please review our previous report.

The trading range for today is expected among the key support at 0.8200 and the key resistance at 0.8480.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

Support0.83100.82500.82000.81700.8100
Resistance0.83850.84400.84800.85500.8605
RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8310 targeting 0.8200 ,stop loss with four-hour closing above 0.8385 may be appropriate