The pair is presently moving around very sensitive areas, where it met 76.4 % Fibonacci level for the movements from 125.25 to 119.60; while the upper line of the ascending channel has been touched. A negative divergence has been formed but it should come below 61.8% Fibonacci level to confirm the potential downside actions which we expect today.
The trading range for today is among key support at 120.90 and key resistance now at 126.30.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair with a breakout below 122.85 targeting 120.95 and stop loss above 124.60 might be appropriate.|