Getting out from Keltner channel might assist the pair to breach the lower line of the trading range areas that controlled the pair's movements, since the last week of May as seen on the provided daily chart. The bearishness that isappearing on the candlesticks structure also might assist it to breach the support levels of the aforesaid range while AROON gave a clear negative sign. These technical factors argue us to say the pair might show additional downside movements over intraday basis but not before breaching 108.05 zones.
The trading range for today is among key support at 105.90 and key resistance now at 110.85.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support108.50108.05107.60106.50105.90Resistance109.00109.45110.00110.50110.85RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 108.05 targeting 105.95 and stop loss above 109.60 might be appropriate.