Midday Report

The bearish harmonic butterfly alongside the heavy negative divergence started to force the pair into a bearish candlestick formation; Therefore, we think that the intraday outlook is to the downside to activate the first corrective wave of the entire sequence. Note that a clear breakout below 136.20 will clear the path towards 134.80 and may extend further, targeting 134.15 zones.

The trading range for today is among key support at 133.60 and key resistance now at 139.20.

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