Midday report

The pair is trapped in a very narrow range as clearly shown on the secondary four-hour chart. Therefore we think that it's preparing for a big wave. According to the suggested daily scenario, it should be to the downside, activating the fifth wave scenario. Note that a break of 142.80 will accelerate the downside movements.

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 expectation is still valid.