Mid-day report

In addition to all negative signs which we discussed in our previous reports, the pair has been able to form a continuation bearish pennant pattern as seen on the above four-hour chart. Therefore, we keep the bigger picture to the downside and over intraday basis as well.

The trading range for today is among key support at 146.80 and key resistance at 157.30.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationOur morning expectation is still valid