Morning Report

The secondary four hour chart shows that the pair is moving freely below the previous broken uptrend line, while being very close to 61.8% Fibonacci of the downside wave from 135.50 to 131.50. When we look at the bigger picture of the weekly interval, we can notice that the pair didn't show any big move since the opening of the current week; whilst the same negative signs, which we discussed several times before still exist. Thereby, we will hold onto our negative predications over intraday basis, taking into our consideration that a break of 133.15 will interpret the strength of 61.8% Fibonacci level at 133.85 zones.

The trading range for today is among key support at 131.05 and key resistance at 136.20.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 133.60 targeting 131.05 and stop loss above 135.50 might be appropriate.