Morning report


The breakout below the uptrend line -colored in red- has taken the pair to our detected technical target at 146.20-check the analysis here-. Currently, a slight correction might occur towards the key resistance level of 146.80 in order to relieve the momentum indicators, before resuming the downside rally towards areas of 144.15, which represents the second technical target of our proposed AB=CD pattern. Thereby, potential bearish actions are to be witnessed over intraday basis.

Trading range for today is among key support at 141.50 and key resistance at 151.75.

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 146.50 targeting 144.15 and stop loss above 148.60 might be appropriate.