The pair slipped sharply downwards, reaching our projected technical target that we mentioned yesterday. Now, the Elliott count of the daily charts suggests that further negative actions could be seen inside the bearish channel that controls the movements of B wave. Note that, Ribbons line EMA10-80 are negatively pressuring the pair and that support the highly anticipated bearishness.
The trading range for today is among key support at 120.00 and key resistance now at 125.25.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support122.70122.10121.80121.20120.90Resistance123.20123.60124.15124.65125.00RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.15 targeting 121.20 and stop loss above 124.90 might be appropriate.