The subsidiary image shows how the negative pressure was very strong enough to take the pair towards the technical target easily. More bearishness is to be witnessed over intraday basis as the pair is moving very steadily below Ribbons lines EMA10 to 80, indicating that the pair is on its way towards the technical target of the short term and medium term basis, seen on the chart. Also we can see how the bearish channel is efficient.
The trading range for today is among key support at 117.80 and key resistance now at 123.65.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support120.00119.30118.60118.35117.80Resistance120.90121.70122.10122.65123.15RecommendationBased on the charts and explanations above our opinion is, selling the pair from 120.45 targeting 118.35 and stop loss above 122.20 might be appropriate.