Our bullish harmonic butterfly that started at 132.70 has been completed around the extreme Fibonacci level of 261.8% of XA leg. In the interim, a daily piercing line was formed obviously yesterday with ideal conditions that should be found to name this reversal candlestick pattern- secondary image-, encouraging us to predicate a possible bullishness over intraday basis. Note that Stochastic might be relieved before resuming the current upside recovery.
The trading range for today is among key support at 128.75 and key resistance at 135.50.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying the pair around 131.20 targeting 133.65 and stop loss below 129.40 might be appropriate.|