Morning report

The pair declined from the resistance line of the declining channel as we discussed yesterday. Now, further bearish movements are to be resumed on the intraday basis, influenced by the recently captured bearish harmonic structure as seen on the above four-hour chart and also affected by the pressure of the downside rally of [c] wave of our detected Elliott sequence.

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 133.30 targeting 131.25 and stop loss above 135.00 might be appropriate.