Morning Report

With a classical look on the pair, we witness a continuous technical pattern that formed above 100% extension, within the intraday ascending channel, supporting the continuing upside correction for sometime, asshown inchart above. Overall, we witness the pair is generally trading to the downside, and today127% extension at135.80, alongside 61.8% at 135.80 are impeding the continuing upside, where we also witness a negative reversal on Stochastic, with some minor tendency towards the downsideon RSI. These signs make us expect the return of the downside move after finishing the minor upside correction that remains for the pair.

The trading range for today is among the key support at131.60 the key resistance at 138.25.

The general trend is to the downside as far as141.44 remains intact with targets at 100.00 and 88.97.

RecommendationBased on the charts and explanations above our opinion is selling the pair at 135.05 To 133.00 and stop loss above 136.70, might be appropriate