Mid-day report

As we explained earlier,the anticipated corrective wave is limited around 0.8730-0.8700 zone, where the pair has started to form a bullish engulfing candlestick pattern that may activate the bullish scenario, based on the previous explained harmonic possibility, targeting 0.8905. Hence, we still keep our overview to the upside.

The trading range is among the key support at 0.8585 and key resistance now at 0.8905.

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