Midday report

The pair is moving in a very narrow range, but it succeeded to form a thirty minutes dark cloud formation as seen on the subsidiary image. Therefore our bigger bearish overview of the daily timescale, which is negatively pressuring the pair according to our previous explained Elliott sequence, is still in favor for the rest of the day.

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.