Morning report

The subsidiary image shows a bearish candlestick structure accompanied by weakness of the upside correction, signaling that the pressure of the bigger picture Elliott sequence may start aggressively anytime as a normal result for the highly anticipated fifth wave scenario. Therefore we keep our intraday overview to the downside on the short and intraday basis. A break of 142.80 will accelerate the downside movements.

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.