Morning report

The series of long black candlesticks appeared on the four-hour chart on the secondary image, shows howstrongthe 61.8% Fibonacci level was to force the pair to re-test the short term key support level at 129.80. We still see that the bearishness of the suggested internal third wave is still in favor over the daily time scale, targeting 125.00 zones first. AROON shows the strong downtrend pressure.

Trading range for today is among key support at 126.50 and key resistance now at 134.15.

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 130.50 targeting 128.40 and stop loss above 132.25 might be appropriate.