Mid-day report

The pair couldn't maintain levels above the resistance line for thedescending channel. Despite the low liquidity that controls the movement but momentum indicators show obvious overbought signs. Therefore, we keep our overview to the downside based on our captured Elliott cycle over short term basis, targeting 129.80 as a second technical target of anticipated wave [c].

The trading range for today is among key support at 129.80 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