The previous discussed Elliott sequence of the short term basis-started at 145.95- declares that the pair is presently forming the first corrective wave A wave of the reactionary structure. The internal count of this A wave offers a possible zigzag 5-3-5 formation. Thus, we believe that the B wave is under preparation and supported by the negative divergence appearing on Stochastic. To recap, correctional downside movements could be witnessed within three waves down.
The trading range for today is among key support at 132.50 and key resistance at 138.40.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support135.00134.25133.60132.50131.55Resistance136.20136.80137.30138.40139.10RecommendationBased on the charts and explanations above our opinion is, selling the pair from 136.20 targeting 133.60 and stop loss above 137.90 might be appropriate.