The pair slipped below our suggested technical target, where the lower line of the trading range areas exists. We will not talk about the negative technical factors that are still appearing on the chart since we covered several times before during the previous two weeks but we will look deeply at the range trading zone as it represents a continuation pattern-rectangle pattern-. Now, we believe that the lower line of this pattern will be penetrated once more, retargeting 122.30 areas and thus, we hold onto our bearish predications over intraday basis; whilst a break of 126.40 will bring another collapse.
The trading range for today is among key support at 121.90 and key resistance at 131.60.
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 127.60 targeting 122.30 and stop loss above 130.70 might be appropriate.|