Morning report

Same can be said here, as the pair is trapped in a very tight range while the negative divergence below 38.2% Fibonacci level issignaling that the harmonic pattern is on the way to build a potential reversal zone and indicating a continuation for the [c] wave for the short term Elliott sequence. 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 134.20 targeting 132.25 and stop loss above 135.80 might be appropriate.