Morning report

The royal pair couldn't pass the key resistance level of 0.8835, where the bearish daily trend line met it and forced it to move downwards, supported by momentum indications. We see that the four-hour chartin the secondary image has been capable of constructing an obvious bearish structure. Therefore the outlook over the intraday basis is bearish, targeting 0.8680 in order to re-test the previous broken ceiling of consolidation areas.

Trading range is among the key support at 0.8615 and key resistance now at 0.8960.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8780 targeting 0.8690 and stop loss above 0.8850 might be appropriate