Morning report

A four-hour negative formation is pushing the pair to move below 61.8% Fibonacci level as seen on the secondary image reviving that the strength of the suggested internal third wave is still in favor over the daily time scale. Therefore we didn't change our overview which is bearish, targeting 125.00 zones and may extend further towards 118.00 areas over the short term 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.