Midday Report

The royal pair collapsed downwards influenced by the previous discussed daily shooting star –secondary image- along with the negative harmonic structure for the four-hour chart. The first technical target of 0.9230 has been already reached during the previous session and now additional bearishness is to be witnessed after a slight correction based on the breakout below theharmonic trend line.

The trading range is among the key support at 0.8965 and key resistance now at 0.9360.

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 0.9190 targeting 0.9105 and stop loss above 0.9265 might be appropriate