Morning report

The royal pair is still correcting the bullish actions that started at 0.8500 levels and gathering the momentum it needs to be capable of breaching the pivotal resistance of 0.9070 which represents the most important level, which the pair may face on its way towards the technical target of 0.9260- The extension of our detected harmonic structure. Hence we keep our outlook to the upside on the intraday basis, supported by the positive sign appearing on AC indicator as seen on our provided 4h chart.

Trading range is among the key support at 0.8830 and key resistance now at 0.9180.

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 0.8985 targeting 0.9070 and stop loss below 0.8920 might be appropriate.