Although the allover negative structure of our detected harmonic leg -CD- but the suggested Elliott count offers the possibility for achieving a mild upside move over intraday basis in order to complete the correctional wave- the forth- before resuming the major bearishness. Note that, SMA 50 is still negatively pressuring the pair.
The trading range for today is among key support at 119.40 and key resistance now at 125.00.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair cautiously from 121.90 targeting 123.60 and stop loss below 120.90 might be appropriate.|