Mid-day report

The royal pair has tested the key resistance level of 0.8830 and is in a real need for a slight correction as seen on the above four-hour chart. We see that, this anticipated corrective wave will be limited around 0.8780-0.7860 zones, where the pair will gather the momentum it needs to activate the bullish scenario, which is penetrating the daily down trend line as seen on the secondary image. Therefore, we still keep our overview to the upside.

The trading range is among the key support at 0.8585 and key resistance now at 0.8960.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

RecommendationOur morning expectation is still valid