Midday report

The bigger picture of the bullish scenario for the daily time scale has forced the royal pair to re-test the pivotal resistance areas of 61.8% Fibonacci, starting a new upside wave, supported by the momentum bullish line along with positive sign appearing on Stochastic. Although it didn't reach the risk limit but the four-hour bullish formation as seen on the secondary image helps us to change the intraday outlook to the upside for the rest of the day.

Trading range is among the key support at 0.9030 and key resistance now at 0.9420.

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 0.9255 targeting 0.9360 and stop loss below 0.9170 might be appropriate.