Midday Report

The royal pair has been trapped within a very tight range. Therefore, we look at the daily timescale to be our guide and we keep our intraday overview to the upside for the rest of the day based on the Elliott count which shows that the pair is on its way to form the internal [b] of the bigger 4th;while forming the allover impulsive upside wave. Stochastic is forming a bullish harmonic formation supporting the upside direction.

The trading range is among the key support at 0.8930 and key resistance now at 0.9340.

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