Midday Report

The royal pair is breaching the middle line of Keltner channel which meets 61.8%Fibonacci expansion. The pair is negatively affected by the morning explained shooting star candlestick appearing on the four-hour chart. Hence, we still keep our intraday overview to the downside to correct the violent bullishness from 0.8500 areas before resuming the classical short term bullish structure.

The trading range is among the key support at 0.8760 and key resistance now at 0.9070.

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