The pair is currently challenging the lower line of our suggested rising wedge pattern, discussed in details in our weekly report. At the same time, 23.6% Fibonacci retracement of the upside rally from 129.50 t5 the peak of 135.50 was touched, claiming that the correction started. Additionally, there is a probability of forming a double top formation with a neckline at 23.6% Fibonacci. Henceforth, the bearishness is in favor, supported by the negative sign of AROON.
The trading range for today is among key support at 132.00 and key resistance at 136.80.
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 with a breakout below 134.25 targeting 132.00 and stop loss above 136.00 might be appropriate.|