Midday report

The pair is still forming the expected flag pattern as seen on our provided four-hour chart. This continuation pattern will be able to assist it in breaching the key resistance level of 61.8% Fibonacci level as a normal technical effect for the minor detected harmonic formation, targeting 132.50 zones. Hence we keep our overview to the upside for the rest of the day.

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.