Morning Report

The solid resistance areas of 0.9300have prevented the royal pair from preceding the temporary bullishness, resulting in a heavy negative divergence as shown on the MACD indicator while Stochastic has overlapped negatively. These bearish signs encourage us to say that the intraday outlook is to the downside, particularly if it succeeded to enter the spans of Keltner channel. Note that areas of 0.9360 should hold to protect the bearish scenario.

The trading range is among the key support at 0.9070 and key resistance now at 0.9420.

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 0.9285 targeting 0.9190 and stop loss above 0.9360 might be appropriate