The pair passed over our short term technical target of 115.00, placing a temporarily low of 110.40. Yesterday's panic sell-off actions was able to create a clear bearish candlestick formation. Thus; we are now looking for the extensions for our previous explained bearish wave. The bearish channel and Ribbons line protect this wave. To recap, potential downside movements could be seen over intraday basis, while the fluctuation is expected to continue.
The trading range for today is among key support at 110.40 and key resistance now at 123.65.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support116.00115.00113.60112.80111.05Resistance117.40118.35119.40120.45121.70RecommendationBased on the charts and explanations above our opinion is, selling the pair from 117.40 targeting 113.50 and stop loss above 120.45 might be appropriate.