The subsidiary image of the four hour interval shows how the pair has formed a bearish candlestick formation and thus, the bearishness of the weekly chart came back into focus. It seems that the effect of the positive divergence over daily basis that we discussed in our weekly report has been limited earlier at 132.50 zones. Thereby, the bigger picture; specifically the bearish stick sandwich candlestick formation, appearing on it is negatively pressuring the pair within the above seen trading range. Consequently, potential downside actions might be witnessed over intraday basis, targeting the psychological levels of 130.00, followed by 128.40 areas.
The trading range for today is among key support at 128.40 and key resistance at 134.25.
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 132.00 targeting 129.60 and stop loss above 133.85 might be appropriate.|