Midday Report

The pair is declining sharply hitting 61.8% Fibonacci level as seen on the secondary four-hour chart, while forming a long black candlestick, supporting the bigger picture for the classical double top pattern. Therefore, we keep our intraday basis to the downside for the rest of the day.

The trading range for today is among key support at 146.80 and key resistance at 155.80.

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

RecommendationOur morning expectation is still valid