Morning report

Under the negative pressure of our suggested daily Elliott cycle, the pair declined sharply, approaching our yesterday's suggested technical target- check the analysis here-. The subsidiary candlestick formation supports the bearish overview over short and intraday basis, while closing below DEMA and TEMA negative overlapping. AROON and OsMA also support our overview. Therefore all above mentioned signs prevented us from changing our overview.

Trading range for today is among key support at 137.50 and key resistance at 147.30.

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 142.70 targeting 140.25 and stop loss above 144.65 might be appropriate.