Morning report

The royal pair has finished our detected downside correction, supported above 61.8% Fibonacci expansion and 38.2% Fibonacci Arc as seen on the above four-hour chart. We think that the bullish candlestick structure supports the bullish harmonic scenario, targeting 0.8905 areas. Therefore a bullish movement is in favor on the intraday basis. AC indicator supports this prediction.

Trading range is among the key support at 0.8585 and key resistance now at 0.8905.

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, buying the pair from 0.8735 targeting 0.8825 and stop loss below 0.8660 might be appropriate.