Mid-day report

The pair touched the resistance level for the ascending channel, pointed out this morning, where we expect the start ofthe downside correction for today. The next target is reaching the support levels around 1.6640 – 1.6580, then returning to resume the upside short term direction, while noticing the importance of 1.6580, which is responsible for determining the coming intraday and short termtrends for the pair, as detailed in our morning report.

The trading range for today is among the key support at 1.6350 and the key resistance at 1.7045.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.

RecommendationOur morning expectation remains valid