In our previous report, we discussed that coming back below the lower line of Keltner channel may cause an upside recovery but actually, it was a huge recovery. Moreover, Stochastic succeeded in fixing its negativity as it overlapped positively but stability below the key resistance level around 1.3230 and below the middle line of Keltner channel are reasons that force us to stay aside over intraday basis. Of note, coming back below 1.3025 zones will indicate that the correction is limited and the bigger bearish picture will come back into focus.
The trading range for today is among key support at 12975 and key resistance at 1.3315.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|