The secondary image of the four hour interval shows how a bearish engulfing pattern has been formed and thus, the bearishness of the bearish harmonic butterfly pattern might continue over intraday basis. Moreover, the pair is trading below the middle line of Keltner channel as seen on the main daily chart, suggesting that 61.8% Fibonacci retracement of CD leg at 133.85 will be visited, supported by the negative signs of AROON and RSI. Stochastic might cause some kind of fluctuation but the bearish trend is still strong enough to beat its oversold sign. A break of 135.80 will be a very negative indication for intraday traders.
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 136.50 targeting 133.85 and stop loss above 138.55 might be appropriate.|