The pair is still hovering around 38.2% Fibonacci retracement of CD leg of our previous captured bearish harmonic butterfly pattern as seen on the provided daily graph. Yesterday's closing was achieved below the middle line of Keltner channel and we see how the negative signs on indicators are still appearing. Thereby, we believe that the pair is preparing to move downwards over intraday basis, targeting 61.8% Fibonacci of CD leg at 134.00-133.85 zones. A break of 135.80 will accelerate the descending actions.
The trading range for today is among key support at 132.50 and key resistance at 139.75.
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 136.90 targeting 134.20 and stop loss above 138.85 might be appropriate.|