Morning report

Under the negative pressure of the negative overlapping appearing on Ribbons line [EMA10-80], the pair ios clarifying that the internal third wave is still in favor below 38.2% Fibonacci level and any upside movements should be seen as a correction for the big declining wave from 135.50 areas to 129.80. Therefore we keep our overview to the downside supported by the continuous negative sign appearing on AROON indicator.

Trading range for today is among key support at 126.50 and key resistance now at 136.60.

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 131.95 targeting 129.80 and stop loss above 133.60 might be appropriate.