Morning report


Yesterday's candlestick pattern-secondary image- alongside closing consecutively below 61.8% Fibonacci level of the CD leg of the bearish harmonic pattern, seen on the four-hour chart argues us to say that, further downside movements are to be witnessed over intraday basis, targeting the full correctional level at 141.00. This strong negative trend is supported by AROON's bearish sign.

Trading range for today is among key support at 138.70 and key resistance at 149.35.

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 144.05 targeting 141.50 and stop loss above 146.20 might be appropriate.