The bearish effect of our efficient rising wedge pattern sent the pair furthermore to the downside, where the technical obstacle of 109.45 caused a light correction as seen on the provided four hour chart. Vortex indicator-representative of trend indicator- still shows that the bearishness is still strong enough to assist the pair to reach the projected technical objective of the continuation pattern at 108.25 zones, while SMA 50 is covering these descending movements. Henceforth, we hold onto our negative classical scenario over intraday basis. Carefully note that, a four hour closing below 109.45 will clear the path towards the extended technical targets of the pattern around 107.30 zones.
The trading range for today is among key support at 107.30 and key resistance now at 112.80.
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 110.50 targeting 108.30 and stop loss above 112.25 might be appropriate.|