Just a few pips separated between the pair and tour yesterday's detected technical objective at 107.30, where 127.2% Fibonacci level of the upside rally from 105.40 to 112.15 as seen on the provided four hour chart. The negative candlestick formations along with the negative signs of the indicators signal that we mightwitness more downside actions over intraday basis towards 161.8% of the aforementioned rally. We remind you that the allover bearishness is obtained from the bearish effect of our efficient rising wedge, which we caught around 111.60 and all what we do now is seeking for the extended technical targets.
The trading range for today is among key support at105.40 and key resistance now at 110.50.
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 108.25 targeting 105.90 and stop loss above 110.00 might be appropriate.|