Morning report

The royal pair's bullish wave is awaited to correct for the time being based on the strong resistance that it found around 0.9180 zones, where a bearish engulfing candlestick pattern has been formed, signaling that a break of the minor uptrend line is highly anticipated on the intraday basis as seen on the provided four-hour chart. A.C supports the bearish overview while a decisive breakout below the lower line of Keltner channel at 0.9125 will confirm the direction, targeting 0.9000-0.9030 areas.

Trading range is among the key support at 0.8960 and key resistance now at 0.9370.

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, selling the pair from 0.9145 targeting 0.9050 and stop loss above 0.9225 might be appropriate.