Morning Report


The royal pair is still stuck within the yellow shaded range, while momentum indicators are providing conflicting signals, as stochastic is negative and RSI is positive. In general, we continue to anticipate a breach of the main levels we mentioned previously, where breaching 0.8295 support leads to 0.8200 and 0.8100, while breaching 0.8390 resistance may push initially towards 0.8550.

The trading range for the day 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.

RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8295 targeting 0.8200 and 0.8100 ,stop loss with four-hour closing above 0.8390 may be appropriate