Midday Report


Trading is confined among the 23.6% and 50% Fibonacci levels shown on image, while stochastic continues to provide negative signs that is hindering the continuation of the main upside move among the ascending channel. More fluctuation is expected during the upcoming period, and we may witness a retest of 0.8645-0.8595 before resuming the expected upside move for today. Targets start at 0.8790, and requires that 0.8595 remains intact.

The expected trading range for the day is among the key support at 0.8595 and the key resistance at 0.8885.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.

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RecommendationBased on the charts and explanations above we recommend buying the pair around 0.8645 targeting 0.8790 and stop loss with four-hour closing below 0.8595 may be appropriate.