Morning report


Coming below 142.90-76.4% Fibonacci level of CD leg is paving the way for further bearishness as the negative pressure obtained from the bearish harmonic AB=CD pattern is to continue, targeting the psychological level of 140.00 zones. The candlesticks formation alongside the negative overlap sign appearing on Stochastic support this anticipation. To conclude, the intraday direction is suggested to be to the downside as far as 145.50 remains intact.

Trading range for today is among key support at 138.70 and key resistance at 148.60.

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 143.20 targeting 140.60 and stop loss above 145.30 might be appropriate.