Midday Report

The pair declined after stabilizing below 23.6% Fibonacci correctional levelat 0.9865 as shown above. The current downside correction pushed the pair to trade below the SMA 20 and 50, while the pair is approaching 0.9780-60, where 4-hour closing below this level should complete a bearish technical pattern. We expect the suggested downside movement to extend, targeting mainly 0.9710 and may be 0.9635, while 4-hour closing below 0.9990-1.0010 is required.

The trading range for today is among the major support at 0.9635 and the major resistance at 1.0010.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

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RecommendationBased on the charts and explanations above our opinion is selling the pair below 0.9850 and targeting 0.9635 and stop loss with 4-hour closing above 0.9970 might be appropriate.