Back to smaller time frames and we see on the hourly chart that the pair inclined towards the full correctional level of a bearish harmonic structure. In some rare cases the potential reversal zones of the harmonic patterns are formed around 100% Fibonacci. We are not sure yet whether the pair will fall from here or it will visit 127% of XA or may be 161.8%. In the interim, signs of exhaustion started to appear on technical indicators. Thus, the bearishness is in favor but we shouldn't witness hourly closings above 161.8% at 133.20-the risk limit of the weekly analysis-.
The trading range for today is among key support at 128.40 and key resistance at 134.80.
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, selling the pair around 131.80 targeting 129.40 and stop loss with hourly closing above 133.25 might be appropriate.|