Morning Report

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The secondary image of the four-hour interval shows that the pair has been capable of forming a bearish candlestick structure, accompanied by negative overlapping on Stochastic. Thus, the bigger daily picture is still bearish, based on of our suggestedCDleg for theAB=CDpattern that might continueto the downside on the intraday basis.

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.

Support130.50130.00129.40128.90127.90
Resistance131.15131.60132.00132.50133.15
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 131.15 targeting 130.05 and stop loss above 132.00 might be appropriate.