Mid-day report

The pair is still trapped in the same trading range below 50 % Fibonacci level, as we discussed in our morning report. A new signal appeared that may be able to accelerate the short and medium term negative scenario for the double top pattern which is, facing the resistance line for the momentum bearish channel.

The trading range for today is among the 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