Yesterday's negative closing below the middle line of our Keltner channel signaled that, the bearish effect of the descending channel is to continue, while the allover structure of the candlestick is also bearish. Thus; potential downside movements could be seen today, particularly if the pair succeeded in breaching the key support levels of 123.65.
The trading range for today is among key support at 122.80 and key resistance now at 127.40.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support124.65124.15123.65123.15122.80Resistance125.25125.50126.30126.80127.40RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 124.65 targeting 122.80 and stop loss above 126.35 might be appropriate.