Morning Report

The pair collapsed downwards, forming a bearish candlestick pattern as seen on the provided daily chart. Now, possible downside actions could be seen over intraday basis, supported by the negative sign appearing on AROON indicator. Actually, a break of the support line of our detected channel could indicate that the corrective A-B-C structure of Elliott count is in progress.

The trading range for today is among key support at 140.50 and key resistance at 146.20.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.75 areas remain intact.

Weekly Report Previous Report

Support143.00142.75172.05141.50140.80Resistance143.60144.10144.80145.50146.20RecommendationBased on the charts and explanations above our opinion is, selling the pair from 143.60 targeting 140.80 and stop loss above 145.50 might be appropriate.