Morning report


Depending on our short term Elliott sequence, the pair declined aggressively under the pressure of the corrective structure [A-B-C] as seen on the above four-hour chart. A mild internal upside correction may occur to relieve the momentum indicator before resuming the downside rally. Therefore we keep the intraday overview to the downside as far as 150.60 remains unbroken.

Trading range for today is among key support at 142.70 and key resistance at 153.40.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 148.65 targeting 146.30 and stop loss above 150.60 might be appropriate.