Midday Report

The royal pair is still forming a potential reversal zone for the bearish harmonic pattern on the four-hour chart. We expect that the [D] zone is to be formed between 127% and 161.8% Fibonacci levels. Thus, the intraday outlook will be kept to the downside. A breakout below 0.9360 will accelerate this negative wave. Stochastic and A.C indicators still supports the outlook.

The trading range is among the key support at 0.9130 and key resistance now at 0.9525.

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