Morning report

The pair has reached our anticipated target of Friday's analysis-check it here- and now it's clear from the secondary four-hour chart that the pair is moving below 61.8% area while the bearish channel on the daily chart pressures it negatively. Hence we keep our intraday overview to the downside based on the previous explained double top pattern. Carefully note that a breakout below 149.60 will accelerate the movement towards the neckline of the pattern around 146.80.

Trading range for today is among key support at 145.50 and key resistance at 155.00.

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 150.60 targeting 148.20 and stop loss above 152.70 might be appropriate.