Morning Report


The secondary image of the four-hour interval shows that the pair is currently attacking the uptrend line of the short term basis, accompanied by bearish candlestick formation. Thus, potential downside actions might be witnessed over intraday basis; supported by the Elliott count of the bigger picture as we explained several times before.

Trading range for the week is among key support at 137.40 and key resistance at 144.15.

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

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RecommendationBased on the charts and explanations above our opinion is, selling the pair from 141.50 targeting 139.35 and stop loss above 143.25 might be appropriate.