Yesterday's discussed rising wedge pattern, which appeared on the four hour interval, proved its efficiency since the pair came below 111.45, accompanied by a four hour closing below it. Now, the pair is attacking SMA 50, opening the door for achieving additional negative actions over intraday basis. The technical targets reside at 109.45, followed by 108.30 zones. RSI is moving downwards, supporting our negative classical scenario.
The trading range for today is among key support at 108.40 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 the pair around 111.45 targeting 109.45 and stop loss above 113.00 might be appropriate.|