Morning Report

In accordance with our previous explained scenario, the pair retraced the panic sell-off actions that formed the bearish engulfing pattern mildly. Now, we see chances for achieving additional bearish movements over intraday basis to activate the corrective structure A-B-C of the suggested Elliott sequence. Indicators are still moving negatively.

The trading range for today is among key support at 139.75 and key resistance at 146.20.

The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 146.20 areas remain intact.

Weekly Report Previous Report

Support141.80141.50141.00140.50139.75Resistance142.75143.60144.10144.80145.50RecommendationBased on the charts and explanations above our opinion is, selling the pair from 142.75 targeting 140.50 and stop loss above 144.80 might be appropriate.