Morning report

Yesterday's expected upside retracement has been limited around 152.00 areas. Now, the pair is preparing for resuming the major downside movements over the short and intraday basis as the 4h chart on the secondary image shows a potential bearish action, forming anegative candlestick formation. Hence the negative pressure of the daily double top is still in progress. Staying beneath 153.60 protects the anticipation.

Trading range for today is among key support at 145.50 and key resistance at 156.30.

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 151.60 targeting 149.15 and stop loss above 153.70 might be appropriate.