In addition to the classical overview that we discussed in our yesterday's reports, the suggested Elliott count of the weekly charts are also pressuring the pair negatively as the IM structure is still forming the fifth wave. About the intraday direction, we see on the secondary image that the pair has already formed a bearish candlesticks formations on the four-hour interval, indicating that potential negative actions could be witnessed today, while SMA 50 and SMA 100 are presently acting as a ceiling that protect the downside direction.
The trading range for today is among key support at 132.50 and key resistance at 143.60.
The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.70 areas remain intact.
Support137.30136.20135.50135.00134.25Resistance137.90138.60139.75140.50141.50RecommendationBased on the charts and explanations above our opinion is, selling the pair from 137.90 targeting 135.00 and stop loss above 140.10 might be appropriate.