The consecutive negative closings below 76.4% and 78.6% Fibonacci levels of XA leg added further confirmation for the harmonic possibility of forming a Crab pattern. The negative sign of AROON indicator still exists, whilst Stochastic is achieving a bearish crossover despite of moving onside oversold areas. Thereby, we still believe that the CD leg of the harmonic structure is still in progress and more bearishness is awaited over intraday basis. The technical target is seen on the provided graph.
The trading range for today is among key support at124.35 and key resistance at 130.50.
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, selling the pair around 127.90 targeting 125.50 and stop loss above 130.00 might be appropriate.|