Morning report


The negative Stochastic crossover supports the technical idea of forming the [C] wave of the suggested short term Elliott over the short term basis, while we do believe that CD leg of a harmonic pattern is under preparation. A break of 134.15 will be able to confirm the potential downside scenario over the intraday basis. Technical targets reside at 132.50 zones followed by 132.10.

Trading range for today is among key support at 131.60 and key resistance now at 137.40.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 134.60 targeting 132.70 and stop loss above 135.95 might be appropriate.