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The pair succeeded in achieving a daily closing below the middle line of Keltner channel and also below 50% Fibonacci retracement of CD leg of our captured bearish harmonic butterfly pattern as seen on the provided daily graph. Moreover, Stochastic -momentum indicators' representative- and AROON -trend indicators' representative- have given off negative signs and thus, the bearishness might continue over intraday basis, retargeting 61.8% Fibonacci, followed by 76.4% level. Note that a break of 132.40 will trigger panic selling pressures towards the psychological levels of 130.00.
The trading range for today is among key support at 131.05 and key resistance at 137.30.
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 134.55 targeting 132.40 and stop loss above 136.30 might be appropriate.|