The secondary image of the four hour chart proves that the pair is strapped within a very tight range, while a potential descending triangle has been formed-classical continuation pattern-. This subsidiary image shows the importance of 129.40 areas as a four hour closing below it could bring panic sell-off actions, targeting 127.60 zones. Thereby, the bearishness is still in favor over intraday basis, supported by the possible Elliott cycle, which we discussed several times earlier.
The trading range for today is among key support at 127.60 and key resistance at 132.50.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support129.25128.40127.60126.70126.00Resistance130.50131.00131.60132.25132.50RecommendationBased on the charts and explanations above our opinion is, selling the pair around 130.00 targeting 127.60 and stop loss above 131.95 might be appropriate.