Midday Report

The pair succeeded in achieving a four hour closing below the neckline of the suggested double top formation. Thus, the bearishness might continue for the rest of the day, softly targeting 38.2% Fibonacci of the upside rally from 129.50 zones. AROON still shows the strength of the bearish trend, adding further confirmation for our outlook.

The trading range for today is among key support at 132.00 and key resistance at 136.80.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

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