Midday Report

The pair is still preparing for an Elliott bearish scenario as seen on our provided chart, which is added to the negative double top formation to confirm the expected bearishness over intraday and short term basis. Note that AROON is still moving above 70.00 despite yesterday and today's correctional movements.

The trading range for today is among key support at 137.50 and key resistance at 149.30.

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

RecommendationOur morning expectations remain valid