Morning Report

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The pair declined, forming a minor bearish channel that organizes the movements below 61.8% Fibonacci level. We still see that, the flat correction of our detected Elliott count is still in progress.Therefore, we keep our intraday outlook to the downside over intraday basis. A break of 145.60 will accelerate this highly predicted bearishness.

Trading range for today is among key support at 141.50 and key resistance at 151.60.

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

Support145.60145.00144.15143.60142.70
Resistance146.65147.00147.40148.00148.60
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 146.45 targeting 144.15 and stop loss above 148.20 might be appropriate.