Fifty pips prevented the pair from reaching yesterday's detected technical objective at 129.80. The pair is still negatively pressured inside the bearish channel, which dominates the suggested fifth wave of the captured Elliott sequence. The bearish candlestick formations appearing on the secondary image support our negative outlook. From here, we hold onto the negative anticipationsoverintraday basisand we recommend having a look at the weekly report for more details.
The trading range for today is among key support at 126.80 and key resistance at 135.50.
The general trend over short term basis is to the downside, targeting 126.80 as far as areas of 150.75 areas remain intact.
Support131.00130.50129.80128.40127.60Resistance131.50132.80133.60134.25134.90RecommendationBased on the charts and explanations above our opinion is, selling the pair from 131.75 targeting 128.65 and stop loss above 133.90 might be appropriate.