Morning report

The royal pair has reached the second defined pivotal resistance of 0.9205, where we still think that a downside movement is to start on the intraday basis, targeting areas between 0.9030 and 0.9000 based on the hourly negative divergence that’s appearing on the secondary image. These expected declines should be seen as a correction before resuming the bigger bullish picture. Note that Stochastic negative overlapping attempt confirms our bearish anticipation for today and a break of the minor uptrend line may be able to accelerate our scenario.

Trading range is among the key support at 0.9000 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 0.9205 targeting 0.9090 and stop loss above 0.9280 might be appropriate.