Mid-day report

The pair is still preceding the expected upside correction inside the descending channel of the [C] wave of the short term Elliott sequence. It's obvious that 61.8% Fibonacci has assisted the pair to activate this action towards the upper line of the mentioned channel. Hence, we still expect additional positive movements, supported by the bullish formations of the candlesticks.

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