Mid-day report

According to the morning expectation, the royal pair has been supported above 0.8760, where it was building a technical base in order to breach the Fibonacci expansion level as seen on the above four-hour chart. The bullish harmonic scenario is still in favor, pressuring the pair, targeting 0.8905 areas. Therefore, we still keep our overview to the upside. The hourly time scale formation supports our overview.

The trading range is among the key support at 0.8585 and key resistance now at 0.8960.

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.

RecommendationOur morning expectation is still valid