Morning report

Respecting yesterday's analysis, the pair has relieved the momentum indicators via moving mildly upwards and then collapsed downwards under the negative pressure of the daily double top formation. Now, further bearishness is in favor over the intraday basis based on the negative structure of the four-hour candlesticks as seen on the subsidiary image below 61.8% Fibonacci level, supported by the negative overlapping appearing on DEMA and TEMA indicators.

Trading range for today is among key support at 143.60 and key resistance at 152.80.

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 148.90 targeting 146.80 and stop loss above 150.75 might be appropriate.