After breaching the uptrend line-colored in red-, the pair declined violently reaching the detected technical objective, shown on the image above. The suggested Elliott sequence of the hourly interval proved its efficiency. Therefore, further bearishness could be witnessed over intraday basis to complete the IM structure. Stochastic supports our outlook.
The trading range for today is among key support at 131.60 and key resistance at 139.75.
The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.70 areas remain intact.
Support134.90134.25133.60132.50131.60Resistance136.20137.30138.00138.40139.75RecommendationBased on the charts and explanations above our opinion is, selling the pair from 136.20 targeting 133.60 and stop loss above 138.40 might be appropriate.