Morning Report

The royal pair has finally formed a bearish harmonic pattern on the four-hour chart around 0.9360 which represents 127% Fibonacci level of XA leg. Hence, the intraday outlook is to the downside, supported by the bearish signs on Stochastic and A.C indicators. A breakout below 0.9340 will confirm the negative scenario.

The trading range is among the key support at 0.9130 and key resistance now at 0.9525.

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 0.9365 targeting 0.9260 and stop loss above 0.9450 might be appropriate