Midday report

The Fibonacci level of 61.8% has proved its strength, forcing the pair to form consecutive four-hour negative candlesticks patterns that helps us to keep our bearish overview on the short and intraday basis. Note that a breakout below 130.45 will accelerate the impulsive downside wave.

Trading range for today is among key support at 126.50 and key resistance now at 136.60.

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 expectation is still valid.