Mid-day report

The pair has moved downwards from the detected pivotal resistance point of 132.50. Now further declines are highly predicted for the rest of the day, targeting 129.80 which represent the second projected technical target of [C] wave for the short term Elliott sequence.

The trading range for today is among key support at 127.60 and key resistance now at 135.40.

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