The pair is supported around the critical support level of 132.50 that assisted it to show the ability to form an intraday bullish structure. Hence we think that the pair is to move mildly upwards, testing the upper line of the descending channel before resuming the major downside rally of [C] wave of our suggested Elliott sequence.
Trading range for today is among key support at 129.50 and key resistance now at 136.10.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair from 133.30 targeting 134.80 and stop loss below 132.10 might be appropriate.|
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