In accordance with our midday's scenario, the pair retraced from the previous broken trend line as we believe that, the internal correction of the awaited five waves, which should form the zigzag correction of our suggested Elliott sequence. Henceforth, possible upside movements could be witnessed over intraday basis, while the potential support resides between 132.10 and 131.80.
The trading range for today is among key support at 128.40 and key resistance at 136.20.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support132.50131.80131.25130.50130.00Resistance133.15133.60134.25134.90135.50RecommendationBased on the charts and explanations above our opinion is, buying the pair around 132.10 levels targeting 134.50 and stop loss below 130.00 might be appropriate.