Midday Report

Respecting our anticipated bearish scenario, the pair collapsed downwards after resuming the testing for the harmonic formation broken trend line. The bearish candlestick structure argues us to expect additional bearishness for the rest of the day under the negative pressure of [C] wave of the short term Elliott sequence.

The trading range for today is among key support at 129.80 and key resistance now at 136.60

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