Morning report

The pair has formed a negative divergence below 38.2% Fibonacci level, signaling that the harmonic pattern is on the way to build a potential reversal zone, which may be able to activate the continuation of [c] wave for the short term Elliott sequence, targeting 129.80. The candlestick formation is bearish, supporting the negative outlook for today.

Trading range for today is among key support at 129.80 and key resistance now at 136.80.

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 133.80 targeting 131.75 and stop loss above 135.50 might be appropriate.