Midday Report

The 61.8% Fibonacci level slowed down the anticipated bearishness which is based on the harmonic pattern and the continuation for the [c] wave for the short term Elliott sequence. The breakout below the harmonic trend line argues that the mentioned Fibonacci level will not prevent the pair from moving downwards further.

The trading range for today is among key support at 127.00 and key resistance now at 135.00.

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 expectation is still valid