The pair declined violently, forming bearish candlestick formation on the daily basis as seen on the subsidiary image. Thereby, the negative pressure of stabilizing below Ribbons lines inside our detected descending channel could send the pair more to the downside over intraday basis. A break of 117.30 might take the pair towards 115.00 zones again.
The trading range for today is among key support at 113.60 and key resistance now at 121.70.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support117.30117.00116.00115.00115.75Resistance118.40119.00119.80120.45120.90RecommendationBased on the charts and explanations above our opinion is, selling the pair from 118.40 targeting 115.85 and stop loss above 120.45 might be appropriate.