Midday Report

The pair is still testing the broken line for the harmonic formation as seen on the above four-hour chart. Now, the bearish pressures of our previous explained [C] wave for the short term Elliott sequence is still in favor, while indicators entered overbought areas, supporting the anticipated bearishness.

The trading range for today is among key support at 128.65 and key resistance now at 136.30.

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