Morning report

The pair went mildly upside in order to test the broken line of the harmonic formation as seen on the above four-hour chart. Now, the bearish pressure of our previous explained [C] wave for the short term Elliott sequence is to continue as the internal inclines should be treated as internal correction to relieve the indicators but still aren't able to reverse the negative scenario, targeting 129.80 zones. Indicators support the negative expectation for today.

Trading range for today is among key support at 128.65 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 131.40 and stop loss above 134.90 might be appropriate