Midday Report

The impulsive upside wave has accelerated very aggressively as noticed for the continuous bullish formation on the secondary image. The pair is moving freely above the key resistance level which turned into support around 0.9070, but a very slight correction may occur before continue the allover formation of the daily fifth wave. Hence, we keep our intraday outlook to the upside for the rest of the day. The previous discussed harmonic pattern on Stochastic still supports the scenario.

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.

RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.9140 targeting 0.9260 and stop loss below 0.9050 might be appropriate