Areas at 76.4% Fibonacci level at 143.50 have been able to replace 61.8% Fibonacci level, playing the role of potential reversal zone for the duplicated bearish harmonic pattern-explained in details yesterday-. The consecutive candlesticks formations from there argues to keep the potential bearish scenario, which is initially targeting 140.50 zones and might extend further to retarget 139.25 zones. A breakout below 141.90 will accelerate this expected negative scenario.
The trading range for the week is among key support at 138.60 and key resistance at 146.25.
The general trend is to the downside as far as 167.40 remains intact with target at116.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 142.50 targeting 140.50 and stop loss above 144.15 might be appropriate.|