Midday Report

The pair is mildly correcting the panic sell-off movements that occurred after breaching the key support level of 132.50. The negative effect of the internal third wave of Elliott studies to the downside, targeting 125.60 zones. AROON shows the strength of the downtrend, supporting our bearish speculation.

The trading range for today is among key support at 126.50 and key resistance now at 133.60.

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 expectations remain valid