Morning report

Despite reaching the oversold areas, but we don't think that the momentum indicator will prevent the pair from preceding the major bearish scenario, which is based on the daily double top formation, particularly after breaching the support areas of 149.00 and the daily closing below it as seen on the secondary image. Hence we expect some consolidating movements before resuming the southern journey towards 146.80 -the neck line- first;a break of which will confirm this negative overview.

Trading range for today is among key support at 143.60 and key resistance at 153.60.

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 149.35 targeting 146.95 and stop loss above 151.30 might be appropriate.