Morning report


The pair has reached the first technical target for the projected short term bearish scenario at 132.50. Presently, it ispreparing for a downside continuation, which is based on the suggested short term Elliott over the short term basis to for wave[C], where we believe that CD leg of a harmonic pattern is underway, seen on the provided four-hour chart. Therefore we keep our proposed negative scenario on the intraday basis; retargeting the areas between 132.50 and 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.