The bigger picture of our previous explained Elliott count on the weekly basis came back into focus and it is still negatively pressuring the pair, pushing it to the downside. The secondary image of the daily chart shows how classically the descending is controlling this bearishness. Henceforth, additional downside movements could be seen over intraday basis.
The trading range for the week is among key support at 131.60 and key resistance at 139.10.
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 135.50 targeting 132.90 and stop loss above 137.40 might be appropriate.|