Violent collapse sent the pair towards our weekly defined technical objective at 120.20 yesterday. It seems that the pair was double topped with a potential neckline at 120.70 zones. The negative triple divergence that we discussed yesterday is still pressuring the pair negatively; whilst AROON is negative too. Thereby, we hold onto our bearish predications over intraday basis, classically targeting 118.65 areas.
The trading range for today is among key support at 117.30 and key resistance now at 124.15.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support120.70120.00119.80119.10118.65Resistance121.05121.90122.30122.90123.35RecommendationBased on the charts and explanations above our opinion is, selling the pair around 121.05 targeting 118.80 and stop loss above 122.95 might be appropriate.