Morning report

The pair has declined reaching the key support level of 132.50. The negative structure along with the negative signs obtained from Ribbons lines [EMA 10-80] as seen on the secondary image and AROON and RSI 14, offer apotential downside rally resumption in order to breach the above mentioned level to activate the previous discussed internal third wave of Elliott studies to the downside.

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 133.20 targeting 131.05 and stop loss above 134.95 might be appropriate.