Morning report

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The pair has collapsed downwards, respecting the short term bearish channel that controls the formation of CD leg for our previous explained harmonic structure. Now, with hitting the full correctional level along with long black candlestick as seen on the above four-hour chart, the path is paved for additional bearishness that's targeting the second suggested technical target at 129.80 zones. Note; it night re-test the key resistance level of 131.50 before activating our speculation.

Trading range for today is among key support at 127.40and key resistance now at 134.15.

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

Support131.00130.40129.80129.00128.65
Resistance131.50132.00132.50133.15133.60
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 131.40 targeting 129.80 and stop loss above 132.80 might be appropriate..