Midday Report

The cablemoved strongly to thedownside, breaching the ascending channel's support levelat 1.6545; whereas, the four hours closing at exactly that level, keeps our expectations for today intact, as this decline is merely correctional protected by 38.2% correction at 1.6500. From here, we still see that the trend is to the upside over intraday basis; with targets are primarily around 1.6800. It is vital for 1.6500to remain intact, to maintain our expectations.

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