The pair is still moving within a tight range, comparing with the aggressive movements of the past week. It is still trapped below Ribbons lines EMA 10-80, reviving that the bearishness is still in favor inside our defined descending channel. A breakout below the Fibonacci expansion level of 61.8% could accelerate the potential negative actions over intraday and short term basis, retargeting 110.00 zones.
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.
Support117.00116.40115.75115.00114.00Resistance118.40119.00119.80120.45121.10RecommendationBased on the charts and explanations above our opinion is, selling the pair from 118.40 targeting 115.75 and stop loss above 120.45 might be appropriate.