Midday Report

As we mentioned in our technical message, the pair inclined sharply after being supported above the solid support areas of 132.50. The bullishness is to continue for the rest of the day towards the technical target of the bullish harmonic pattern and the classical head and shoulders bottom at 134.15 zones. SMA 20 still supports the outlook.

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