Midday Report

The pair inclined sharply, confirming our positive overview via breaching the Fibonacci level of 50% as seen on the provided 4h chart. We still expect a mild correction towards the neckline of the inverted head and shoulders pattern in order to relief momentum indicators, followed by resuming the northern upside trip towards the projected technical target of 134.15 which at the same time represents the target for the extension of the bullish harmonic pattern. Hence, we keep our outlook to the upside for the rest of the day.

The trading range for today is among key support at 128.30 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 expectations remain valid