Classical studies show that the pair has created a clear bearish channel after breaching the key support level of 132.50. Now, it might re-test this broken support before resuming the recently established bearishness over intraday basis. The daily candlestick formation-secondary image-, supports our overview.
Trading range for today is among key support at 129.40 and key resistance now at 135.50.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Support131.60131.05130.50129.80129.40Resistance132.50133.15133.60134.15135.00RecommendationBased on the charts and explanations above our opinion is, selling the pair from 132.50 targeting 130.50 and stop loss above 134.15 might be appropriate.