Morning report

The pair declined towards the key support level of 151.50, forming consecutive bearish candlestick structure as seen on the subsidiary four-hour chart. Now as we discussed yesterday,the pressure of the daily double top formation is very strong. Therefore the pair is preparingto resume the major downside movement over short and intraday basis. A break of 150.60 will target the key support of 148.90.

Trading range for today is among key support at 146.80 and key resistance at 156.35.

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 152.10 targeting 149.75 and stop loss above 154.00 might be appropriate.