Midday Report

Although the royal pair has moved upwards during the previous session, but a bearish engulfing candlestick pattern is in progress for the time being, as seen on the hourly chart on the secondary image; this prevented us form changing our negative outlook. The bearish overlapping on Stochastic also supports our anticipation. Hence, we keep our intraday outlook to the downside for the rest of the day as far as areas of 0.9420 remain intact.

The trading range is among the key support at 0.9105 and key resistance now at 0.9460.

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