Morning report

In addition to the previous potential classical double top formation, the daily time scale offers the possibility for an Elliott bearish scenario as seen on our provided chart. We see that the pair has created a bearish trend line, claiming that the bigger fifth wave is under way for the time being. Hence we keep our overview to the downside on the short and intraday basis; particularly with the breakout out occurred below the lower line of theKeltner channel.

Trading range for today is among key support at 137.50 and key resistance at 149.30.

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 143.90 targeting 141.50 and stop loss above 145.90 might be appropriate.