The pair collapsed downwards, reaching the awaited technical objective of the previous explained harmonic structure at 122.80. Now, the negative pressure of stabilizing below Ribbons lines-EMA 10 to 80- could force it to show additional bearish actions over intraday basis. The suggested Elliott count supports our overview.
The trading range for today is among key support at 120.00 and key resistance now at 125.50.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support122.10121.70120.90120.45120.00Resistance123.15123.65124.15124.60125.00RecommendationBased on the charts and explanations above our opinion is, selling the pair from 123.15 targeting 120.90 and stop loss above 125.00 might be appropriate.