Midday report

According to our morning explained scenario, the pair is currently testing the minor bullish trend line as seen on the above four-hour chart. This movement should be seen as a correction for yesterday's aggressive upside action. Now, we see that the royal pair may be able to start anew extended positive wave of the harmonic structure alongside the classical pattern. AC still supports the outlook.

Trading range is among the key support at 0.8960 and key resistance now at 0.9320.

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.