Morning Report


Another harmonic probability started to appear on the four hour graph since the royal pair inclined towards 127.2% Fibonacci projection of AB leg. This is a case of 5-0 pattern, which started at the peak of 0.8670 and was dominated by the above seen Fibonacci rhythmic. Of course, C point is not confirmed yet as we can see an extension towards 161.8% of AB leg but we will depend on the overbought sign appearing on RSI 14 to suggest potential downsideactions towards the PRZ of the pattern. Coming beneath 0.8500 levels will confirm this harmonic possibility.

The trading range for today is among the key support at 0.8445 and key resistance now at 0.8665.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8560 targeting 0.8465 and stop loss above 0.8635 might be appropriate.