Morning report

The Fibonacci level of 261.8% for the suggested bearish harmonic formation has proved its strength as the pair has been obliged to move downwards, forming bearish candlesticks formation as seen on our provided four-hour chart. Now, the downside pressure is to continue over the intraday basis, supported by Friday's closing as shown on the secondary image. Indicators support the negative scenario.

Trading range for today is among key support at 132.50 and key resistance now at 138.20.

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 135.40 targeting 133.60 and stop loss above 137.00 might be appropriate.