Morning Report


Yesterday's candlestick closing succeeded in activating an obvious negative crossover on Stochastic indicator. Thus, we believe thatthe bearishnessobtained from our suggested Elliott count from the bigger picture,might continue over intraday basis. Note that a break of 134.60 will ease the way for achieving aggressive downside actions.

The trading range for the week is among key support at 131.60 and key resistance at 139.10.

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 135.00 targeting 132.90 and stop loss above 136.95 might be appropriate.