Midday report

The pair is struggling to breach the strong Fibonacci level of 61.8% but the overbought signs appearing on the indicators are still expected to slow down this expected breakout. Thus; we still waiting for a mild correction before resuming the intraday bullish action, targeting 132.50 zones and may extend further towards the key resistance level of 134.15 which represent the extended technical target of the minor harmonic formation.

Trading range for today is among key support at 127.60 and key resistance now at 135.50.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationOur morning expectation is still valid.