Violent downside actions sent the pair below the suggested technical objective of the weekly report at 116.80. The pair is definitely oversold as seen on RSI 14 and that may cause some kind of fluctuations but the bearishness appearing on candlesticks patterns argues us to keep our negative outlook intact over intraday basis. It seems that the pair is on its way to achieve the extended technical objectives of the bearish classical pattern, starting at 115.60 zones, followed by 114.75 areas.
The trading range for today is among key support at 114.25 and key resistance now at 120.50.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support117.00116.80116.20115.90114.75Resistance117.55117.90118.65119.10119.45RecommendationBased on the charts and explanations above our opinion is, selling the pair around 117.55 targeting 115.60 and stop loss above 119.10 might be appropriate.