The pair has been capable of creating a range trading areas as seen on the provided four-hour chart. This time we will look at the chart from a pure harmonic overview and we will notice that, the pair is on its way to form a suggested CD leg for AB-CD pattern, where its PRZ-potential reversal zones- reside around 138.00 and might extend further towards 140.08 and we believe that areas of 140.00 is qualified to act this role as it represent 38.2% Fibonacci for the downside rally from 163.00 to the recorded trough of 126.70. Thus; possible bullish actions could be seen over intraday basis.
The trading range for today is among key support at 130.50 and key resistance at 138.60.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support134.00133.60133.15132.50131.25Resistance134.80135.50136.20136.80137.30RecommendationBased on the charts and explanations above our opinion is, buying the pair with a breakout above 134.80 targeting 137.30 and stop loss below 133.15 might be appropriate