Morning report

After being supported above 0.9070 levels as we discussed yesterday, the royal pair has inclined aggressively, closing positively above our suggested key resistance. Now, the pair is mildly correcting this bullishness before resuming the bullish rally of the extended wave of the harmonic structure alongside the classical pattern as seen on our provided chart. We see that this downside correctional movement will be limited around the key support level 0.9105, where the pair is to resume the major upside scenario. AC indicator is positive, supporting the overview.

Trading range is among the key support at 0.8960 and key resistance now at 0.9320.

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 0.9110 targeting 0.9220 and stop loss below 0.9030 might be appropriate.