Mid-day report

The pair is mildly declining, affected by the negative divergence below 38.2% Fibonacci level, signaling that the harmonic pattern is on the way to build a potential reversal zone and indicating a continuation for the [c] wave for the short term Elliott sequence. The secondary image shows four-hour confirmation for the bearish trend.

The trading range for today is among key support at 129.80 and key resistance now at 136.80.

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