Nothing changed as the pair is still dominated inside the bearish channel, which should control the movements of the IM wave-fifth wave- of our suggested Elliott count. RSI 14 still has downside targets to be reached. Thus; more bearishness could be witnessed over intraday basis. A stable move below 131.75 could accelerate this negative scenario while the current levels during preparing this report is shown on the provided image.
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.
Support131.00130.50129.80128.40127.60Resistance132.80133.60134.25134.90135.50RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 131.75 targeting 128.65 and stop loss above 133.90 might be appropriate.