The pair stabilized below SMA 50-colore in red- and also below the neckline of our suggested bearish classical pattern as seen on the provided four hour graph. Thereby, we keep our negative classical outlook intact over intraday basis, noting that areas of 121.05 turned from support into a resistance. The technical target of this pattern resides at 118.65-118.60 zones.
The trading range for today is among key support at 117.80 and key resistance now at 124.15.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 120.95 targeting 118.65 and stop loss above 122.80 might be appropriate.|