Morning report

The bearish channel of the momentum as seen on the daily chart shows that, the pair is gathering the momentum it needs to activate the classical double top pattern. Therefore we still expect an aggressive bearish action towards the neckline of the mentioned pattern as far as the pair stays beneath 153.60.

Trading range for today is among key support at 146.80 and key resistance at 155.80.

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 151.60 targeting 149.20 and stop loss above 153.75 might be appropriate.