Morning Report

Despite the minor upside move during yesterday's trading, the pair did not have enuogh momentum to continue in this upward movement, where it returned to form a combination of bearish candles to the downside. The effect of the classical bearish technical pattern that is appearing on the daily chart is still valid,stronglypushingthe pair tothe downside. Today, we see the trading below 150.05over intraday basis will keep the downside direction intact; whereas,breaching 147.85 will rush the the expected downside movefor today. Stochastic is showing a downside reversal, assuring our expectations for today.

The trading range for today is among the key support at143.60 and the key resistance at 153.60.

The general trend is to the downside as far as164.90 remains intact with targets at 116.00.

RecommendationBased on the charts and explanations above our opinion is selling pair at 148.90 To 146.80 and stop loss above 150.05, might be appropriate