Morning report

The royal pair inclined aggressively, reaching the detected technical target of our bullish scenario at 0.9260-check the analysis here-. Having a look at the daily chart on the secondary image, we will notice that the pair isfacing the61.8% Fibonacci level, which may force it to correct slightly before resuming the upside journey of the extended targets of cup with handle pattern around 0.9470. This correction may be limited around the key support level of 0.9205.

Trading range is among the key support at 0.9070 and key resistance now at 0.9470.

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 0.9205 targeting 0.9300 and stop loss below 0.9125 might be appropriate.