Classically speaking, we see that the pair's incline yesterday is still within the descending channel with the main resistance around 133.65. Yet, we have a classic upside pattern which will be activated with the breach and stability above 134.25. Currently, Stochastic is approaching from overbought areas and stability below the main resistance for the downside move makes us hold onto yesterday's expectations and signal the possibility for returning to the downside move as far as the pair does not stabilize above 134.25.
The trading range for today is among key support at 128.40 and key resistance at 135.40.
The general trend over short term basis is to the downside targeting118.80as far as areas of 150.75 areas remain intact.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair around 133.20 targeting 131.05 and stop loss above 134.80 might be appropriate|