Morning report

The pair has inclined, respecting the temporary bullish scenario as it succeeded to relieve RSI 14. Now, the pair is preparing for resuming the major downside movements over the short and intraday basis, pressured by the daily double top, which is still in progress. The 4h negative structure as shown on the secondary image supports our bearish outlook on the intraday basis.

Trading range for today is among key support at 146.80 and key resistance at 157.30.

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

RecommendationBased on the charts and explanations above our opinion is, selling the pair from 152.80 targeting 150.35 and stop loss above 154.70 might be appropriate.