Midday Report

The secondary image shows how the pair has collapsed during the previous session and its moving now below the psychological level of 150.00 after reaching our defined target at 150.35. Indeed, it’s an impulsive downside movement without any internal corrections. Thus, the intraday and short term basis is to continue to the downside.

The trading range for today is among key support at 145.50 and key resistance at 156.30.

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 150.60 targeting 148.30 and stop loss above 152.60 might be appropriate