Midday Report

The royal pair is re-testing the broken uptrend line from below as seen on the four-hour chart, where we think that the pair is to start the expected declining action based on the strong resistance which it faced around 61.8% Fibonacci level while the daily dark candlestick pattern on the secondary daily chart supports this downside corrective scenario. We can't ignore the negative sign appearing on Stochastic.

The trading range is among the key support at 0.9000 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.

RecommendationOur morning expectations remain valid