The CD leg of a suggested Gartley pattern is still in progress over four-hour interval as seen on the provided chart. Actually, we discussed this harmonic construction for the first time in the morning report, which waspublishedon August 4- check it here-and we defined the PRZ of this pattern around 110.90 which it meets 127% of BC leg. There are three technical factors that argue us to say that, more bearishness could be seen over intraday basis.
1-Coming beneath the pivotal support levels of 112.70.
2-Stochastic is still trending downwards.
3-AROON shows the negative pressure very obviously. .
The trading range for today is among key support at 109.45 and key resistance now at 113.60.
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 around 112.10. Targeting 110.90 and stop loss above 113.15 might be appropriate.|