Back to the four hour chart, where the rising wedge pattern, discussed in details during the previous week is still affecting the pair bearishly. Now, we are focusing on the extended targets of this continuation classical pattern since 127.2% of the rally from 108.30 t 112.15 resides at 107.30 zones. SMA 50 is still protecting the bearishness despite of the sign appeared on Vortex due to yesterday's slight recovery. To recap, our outlook is still negative over intraday basis.
The trading range for today is among key support at 106.80 and key resistance now at 111.60.
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 109.30 targeting 106.85 and stop loss above 111.20 might be appropriate.|