Morning report

The daily double top formation is still negatively affecting the pair as seen on our provided daily chart, particularly after breaching the support areas of 149.00 , supported by the bearish structure of the four-hour candlestick as seen on the secondary image. Hence we still expect some consolidating movements before resuming the major downside actions 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 149.20 targeting 146.85 and stop loss above 151.10 might be appropriate.