Morning report

The pair is trapped below 50% Fibonacci level as seen on the secondary 4h chart, forming bearish candlestick structure despite the narrow range that controlled it since yesterday. Now as we discussed several times before,the pressure of the daily double top formation is still in favor. 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 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 150.60 and stop loss above 154.70 might be appropriate.