The previous explained bearish harmonic crab pattern of the four hour interval has proved its efficiency, sending the pair downwards, whilst the breakout below 130.50 zones has activated a classical reversal pattern. The double top formation, which was formed successfully yesterday, is another technical factor that may assist the pair to achieve additional bearishness over intraday basis. Note that, RSI 14 may send the pair to retest the broken neckline zones before resuming this negative outlook.
The trading range for today is among key support at 126.70 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.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 130.50 targeting 128.40 and stop loss above 132.25 might be appropriate.|