Midday report

The royal pair is still moving in a very narrow range, preparing for a price explosion and we still expect it to be to the upside based on being carried above Ribbons lines -EMA10 to 80-. The bullish trend line in addition to AROON positive sign still offer an upside rally resumption, targeting 0.9340 and may extend further towards 0.9470 which represents the upper line of the ascending channel. Therefore we keep our overview to the upside for the rest of the day.

Trading range is among the key support at 0.9030 and key resistance now at 0.9470.

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.