Midday Report

Classical technical indications are provided on the chart above assures our morning expectations for a downside move. the intraday upside channel has been breached which reversed the direction to the downside and now the pair is trading below the 38.2% correction at 0.9140 and that supports the possibility for the bearish move to continue towards 50% at 0.9055 and might extend even further towards 61.8% correction at 0.8975. We withhold our expectations for the downside move which remains valid as far as trading is below 0.9245. High volatility might be seen due to positive pressures from momentum indicators yet as far as trading is below the mentioned level the downside move will prevail/

The trading range is among the key support at 0.8940 and key resistance now at 0.9350.

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 selling the pair at 0.9140 targeting 0.9045 and stop loss above 0.9220 might be appropriate