Morning report

The royal pair succeeded to close yesterday above 38.2% Fibonacci level clarifying that, the suggested internal [a] wave might have been placed already and now we see that its on the way to complete the corrective 4th wave of the entire allover impulsive formation. The harmonic structure that's appearing on Stochastic indicator offers a potential reversal upside action, supporting our bullish overview.

The trading range is among the key support at 0.8865 and key resistance now at 0.9260.

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 0.9000 targeting 0.9110 and stop loss below 0.8920 might be appropriate.