The pair is still moving below 23.6% Fibonacci level of the short term rally from 110.00 to 114.70 zones, creating a new bearish channel. We see how it came below SMA 50 once more and whilst the Stochastic crossed over negatively. Thereby, we still think that the CD leg of the suggested Gartley pattern is still in progress so the bearishness is in favor today.
The trading range for today is among key support at 111.05 and key resistance now at 115.45.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling with a breakout below 113.00 targeting 111.20 and stop loss above 114.30 might be appropriate.|