Morning report

The consecutive 4h candlestick patterns as seen on the secondary image, along with the negative closing below the key resistance level of 134.15, helps us to say that thenegative pressure started to push the pair to the downside, activating the previous discussed internal third wave as we see on the provided daily chart, as the daily sequence of Elliott offers a potential impulsive downside wave

Trading range for today is among key support at 130.05 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 133.95 targeting 131.90 and stop loss above 135.60 might be appropriate.