Midday Report

Despite the pair's failure in reaching the trend reversal limit, we can see that a bullish pattern over four-hour basis supported the extension of the upside correction, and maybe a reversal in the intraday trend for today despite the prevailing short term bearish wave. Thereby, we see that trading might be to the upside for the rest of the day after consolidating above 143.80.

The trading range for today is among key support at 136.05 and key resistance at 149.35.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

RecommendationBased on the charts and explanations above our opinion is canceling the morning recommendations and replacing it by buying the pair at 143.80 targeting 146.20 and stop loss below 141.40 might be appropriate