Midday Report

After relieving momentum indicators, the areas between 133.60 and 134.15 are to play the potential reversal zone, as the bearish harmonic structure, provided on the four-hour chart above,is awaited to force the pair to decline, particularly after momentum indicators have already entered overbought areas. Hence, our intraday outlook will be to the downside.

The trading range for today is among key support at 128.30 and key resistance now at 135.50.

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