|The royal pair has been capable of forming a continuation pattern [Pennant] as seen on the above four-hour chart. Therefore we will keep our outlook to the upside over the intraday basis, targeting 0.8905 area- 161.8% Fibonacci expansion level of our captured harmonic bullish pattern-. A breakout above 0.8825 areas, which represents the upper line of Keltner channel, will accelerate these upside movements.|
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.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 0.8780 targeting 0.8890 and stop loss below 0.8700 might be appropriate.|