The short term bearish channel is still managing the descending movements seen on the provided four-hour chart. SMA 50 has met the upper line of the aforesaid channel, negatively pressuring the pair. Hence, further bearishness might be seen over intraday basis, supported by the suggested Elliott count.
The trading range for today is among key support at 120.65 and key resistance now at 125.50.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Support122.10121.70121.30120.65120.00Resistance122.90123.15123.90124.60125.00RecommendationBased on the charts and explanations above our opinion is, selling the pair from 122.90 targeting 121.15 and stop loss above 124.30 might be appropriate.