Morning report

In addition to the previous explained bigger bearish picture of our daily captured Elliott sequence,a four-hour negative formation is pushing the pair to move below 61.8% Fibonacci level as seen on the secondary image while negative signals started to appear on the indicators, reviving that the correction might have been limited below the key resistance of 132.50 areas and the bearish scenario is to continue over the short termand intraday basis.

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 131.40 targeting 129.50 and stop loss above 133.15 might be appropriate.