Midday report

Inside the bigger bearish picture of the daily timescale, the pair has been able to form a confirmed hourly candlesticks pattern as seen on the secondary image, claiming the solid support that it found around 139.70 may be able to activate the awaited upside correction of the short term basis. Despite the slight downside movements occurred during the previous session but AROON up is positively attacking the value of 30.00. Therefore we still keep our overview to the upside for the rest of the day.

Trading range for today is among key support at 137.60 and key resistance at 145.50.

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

RecommendationOur morning expectation is still valid.