Morning Report

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The pair is trapped within a tight range since yesterday. Therefore, we keep our outlook to the downside on the intraday basis, based on the previous explained harmonic scenario. We believe that the pair is presently forming the CD leg of the suggested AB=CD pattern, while the hourly chart confirms the expected bearishness via offering a negative divergence-secondary image-.

Trading range for today is among key support at 127.90 and key resistance now at 133.60.

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

 
Support130.00129.40128.90128.40127.90
 
Resistance131.05131.60132.00132.50133.60
 
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 130.50 targeting 129.80 and stop loss above 131.80 might be appropriate.
 

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