Midday Report


We notice mixed direction signals on indicators; where the ADX shows that the trend is very week, if we take them into consideration. On the other hand, according classic analysis we can see a descending channel, alongside the pair's steady trading below 61.8% extension, makes us expect the pair to continue the bearish move towards 0.8820 at least and then 0.8790.

The trading range is among the key support at 0.8790 and key resistance now at 0.8975.

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 selling the pair from 0.8865 targeting 0.8790 and stop loss above 0.8905 might be appropriate