Morning report

The royal pair is trapped inside a very narrow range of trading as seen on our provided daily chart. Therefore, we keep our overview to the upside over the intraday basis, depending on the previous discussed Elliott sequence, supported by the suggested internal count of the impulsive upside wave and the harmonic formation that ended with a positive crossover as seen on Stochastic. Note that a break of 0.9070 will accelerate our proposed scenario.

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 0.9010 targeting 0.9105 and stop loss below 0.8930 might be appropriate.