The pair has collapsed; activating the short term Elliott sequence that took it towards the first technical target of wave 61.8% Fibonacci, as seen on the above four-hour chart. Now, a mild upside correction towards testing the pivotal broken point of 132.50, where we see that it will be capable of gathering the momentum it needs to reach the 2nd projected target at 129.80 zones.
Trading range for today is among key support at 127.60 and key resistance now at 135.40.
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, selling the pair from 132.50 targeting 130.40 and stop loss above 134.25 might be appropriate.|