Morning report

The pair also has reached our projected technical target of the temporary bullishness around the upper line of the declining channel; the positive action is seen as a correction before resuming the short term downside pressure of the [C] wave for the short tem Elliott cycle , targeting 129.80 as seen on the above four-hour chat. Hence the intraday overview will be to the downside.

Trading range for today is among key support at 129.80 and key resistance now at 136.30.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 133.60 targeting 131.50 and stop loss above 135.15 might be appropriate.