Morning Report

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The breakout below the neckline of the rounding top pattern, which we explained in the weekly report, has been confirmed. The daily candlestick pattern is to declare that additional bearishness might be seen on the intraday basis, supporting the proposed Elliott count.

The trading range for today is among key support at 119.60 and key resistance now at 126.40.

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

Weekly Report Previous Report

Support122.70122.35121.50120.80120.00
Resistance123.10123.75124.30125.00125.50
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.10 targeting 120.90 and stop loss above 124.90 might be appropriate.