The negative technical effect of breaching the bullish trend line for the daily ascending channel continues. The pair is attacking the pivotal point of 151.50- strong resistance turned into support- , accompanied by strong bearish momentum. The overall structure seems to be a classical double top, but its still under preparation. Hence, we keep our overview to the downside for the rest of the day.
The trading range for today is among key support at 146.70 and key resistance at 157.25.
The general trend is to the downside as far as 167.40 remains intact with target at 116.00.
Support 151.00 150.00 149.30 148.65 147.80
Resistance 152.30 153.40 154.10 155.15 155.85
Recommendation Our morning expectation is still valid