The pair is still moving according to the previous explained Elliott sequence of the short term basis as shown on the above four-hour chart, reaching our second detected target of wave [c] at 132.50. Now, further negative actions are highly predicted as the pair is targeting 61.8% first and 76.4% Fibonacci levels while the formation is negative and the technical effect of the harmonic structure is still in progress. A breakout below 131.45 will open the door towards 129.80 areas.

Trading range for today is among key support at 128.50 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.