Morning report


A negative divergence appears on Stochastic may be capable of activating the CD leg of a harmonic pattern as seen on the provided four-hour chart. Hence we keep the potential bearish scenario of the short term Elliott sequence which is presently preparing to form the [C] wave. Hence we keep our overview to the downside over the intraday basis. Areas between 151.25 and 151.75 should hold to protect our anticipation.

Trading range for today is among key support at 145.50 and key resistance at 154.60.

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 150.60 targeting 148.70 and stop loss above 151.75 might be appropriate.