Morning Report

/

The breakout below the uptrend linefor the short term supports the suggested negative outlook over the intraday basis,since we believe that the CD leg of a harmonic pattern has been activated, while the pair is presently moving below SMA 50. The technical targets reside at 132.10 and 129.80 zones but a breakout below the pivotal support areas of 133.60 is needed to accelerate this scenario.

The 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.

Support133.60133.00132.50132.00131.50
Resistance134.85135.50136.00136.40137.00
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 134.30 targeting 132.50 and stop loss above 135.90 might be appropriate