Midday Report

The pair is still moving below 38.2% Fibonacci for theentire decline from 169.97 areas to 111.96, accompanied by yesterday's bearish candle. Hence, the negative pressure is still in favor. The previous discussed internal third wave is to start as we see on the provided daily chart, as the daily sequence of Elliott offers a potential impulsive downside wave.

The trading range for today is among key support at 130.05 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.