Ten pips separated between the pair and yesterday's defined technical objective at 115.75. Now, the suggested bearishness of the short term basis is confirmed via yesterday's negative closing below the Fibonacci expansion level of 116.40. Henceforth, more descending movements could be witnessed over intraday basis under the continuous negative pressure of Ribbons lines. A break of 115.75 could send the pair down towards 113.60 areas.
The trading range for today is among key support at 112.00 and key resistance now at 119.80.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support116.40115.75115.00114.00113.60Resistance117.00117.40118.40119.00119.80RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 116.40 targeting 113.60 and stop loss above 118.50 might be appropriate.