Midday Report

As we mentioned in our technical messages, the pair has breached the neckline for our daily double top pattern, along with a strong confirmation signal from AROON indicator. Therefore, we keep our outlook to the downside for the rest of the day. The secondary 4h image shows that 76.4% Fibonacci has been breached also, supporting our negative scenario.

The trading range for today is among key support at 143.60 and key resistance at 151.50.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 147.30 targeting 144.80 and stop loss above 149.35 might be appropriate.