Having a deeper look at the hourly chart, we will see how 4 waves have been completed already and now the market should drop to a new low below 130.00 zones over short term basis to complete the 5 waves from the areas of 146.00. Therefore, possible bearishness could be seen over intraday basis. A breakout below the trend line, which carried the correctional movements from 129.80 to the current levels, could cause acceleration.
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.
Support137.30136.20135.50135.00134.25Resistance138.60139.75140.50141.50142.25RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 137.90 targeting 135.00 and stop loss above 140.10 might be appropriate.