Morning report

Supported around the pivotal support level of 0.9070, the royal pair proved that it's on the way to form the internal [b] of the bigger 4th while forming the allover impulsive wave. The technical target of the aforesaid internal [b] wave resides at 0.9260. Assessing momentum indications, the bullish harmonic formation appearing on Stochastic is building a potential reversal point inside oversold areas. Hence we keep our intraday outlook to the upside.

Trading range is among the key support at 0.8920 and key resistance now at 0.9300.

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 0.9080 targeting 0.9190 and stop loss below 0.9000 might be appropriate.