Collapse this is the real expression, which describes what happened during the previous session as the pair declined aggressively, surpassing our suggested technical objective expected in the previous report very easily and very quickly. Now, we will look at the pair from a pure classical overview and we will find out that a rising wedge was formed over daily basis and it sent the pair towards 100% Fibonacci retracement of the upside rally from 106.80 to 115.90. The negative signs of Alligator alongside moving freely below SMA 50 suggest that the bearishness will continue after finishing the current normal recovery, targeting 127.2% Fibonacci projection of the aforementioned rally at 104.35 zones. Vortex-trend indicator- reflects the strength of the bearish trend that started at 115.90, solidifying our constructive negative scenario.
The trading range for today is among key support at 105.40 and key resistance now at 114.75.
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 110.80 targeting 106.85 and stop loss above 113.15 might be appropriate.|