Midday Report

Without showing any correctional movements, the royal pair inclined very sharply confirming the bullish scenario for the extended targets of our detected harmonic structure, targeting 0.9260, particularly after the breakout above 0.9070. Note that the candlestick formation is positive. Therefore, term we still keep our overview to the upside over intraday and short term basis. AC is still signaling that additional bullishness is to come.

The trading range is among the key support at 0.8905 and key resistance now at 0.9340.

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, buying the pair from 0.9110 targeting 0.9205 and stop loss below 0.9030 might be appropriate.