Morning Report

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Yesterday's candlestick-secondary image- proved the strong bearish trend obtained from the suggested Elliott count as seen on our provided chart. This bearish pattern encourages us to say that additional bearish actions could be seen over intraday basis, particularly if the pair stabilized below 132.95 zones.

The trading range for the week is among key support at 129.70 and key resistance at 137.30.

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

Weekly ReportPrevious Report

Support132.90132.00131.60131.00130.50
Resistance134.25134.90135.50136.20137.30
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 133.40 targeting 130.90 and stop loss above 135.45 might be appropriate.