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The pair is still consolidating between 76.4% and 88.6% Fibonacci retracement levels of the CD leg of our caught bearish harmonic butterfly pattern. The most impressive technical factor is that it continued trading below the lower line of Keltner channel which turned into a resistance for the current movements. Henceforth, we keep our bearish outlook intact over intraday basis, noting that a breakout below 88.6% Fibonacci level will weaken 100% Fibonacci at 130.10 clearing the path towards 127.2% Fibonacci projection of CD leg.
The trading range for today is among key support at 128.60 and key resistance at 135.50.
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 132.20 targeting 129.50 and stop loss above 134.25 might be appropriate.|