Midday report

The classical head and shoulders bottom pattern as seen on the above 4h chart is still developing the right shoulder. A break of 130.80, accompanied by a positive closing above it will confirm the other scenario of the bullish harmonic structure. Once it's confirmed, the path will be cleared towards the technical target around 132.50 followed by 134.15 zones.

Trading range for today is among key support at 126.70 and key resistance now at 134.15.

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.