The pair succeeded in reaching the areas of 126.50 which we defined in our weekly report, where a descending wave might start. The pair is facing the upper line of the bearish channel alongside facing SMA 50. Thereby, potential bearish actions are to be seen over intraday basis, supported by the negative harmonic formation appearing on Stochastic.
Trading range for today is among key support at 123.10 and key resistance now at 129.40.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Deeper analysis for the pair -click here-.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 126.50 targeting 124.30 and stop loss above 128.35 might be appropriate.|