Morning report

It's clear from the secondary four-hour chart that the pair is still moving in the range area between 152.00 and 153.00 below 50% Fibonacci level while it's facing the resistance line for the momentum bearish channel on the daily chart. Hence we keep our intraday overview to the downside based on the previous explained double top pattern. Carefully note that a breakout below 151.50 will accelerate the movement and the pair should stay beneath 154.60 to be considered in a downtrend.

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.