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The pair is currently touching levels of 76.4% Fibonacci retracement of CD leg of our caught bearish harmonic butterfly pattern from below as seen on the provided chart. Actually, the pair didn't show any big move since the opening of this week as it is just consolidating between 76.4% and 88.6% levels. Thereby, we still see chances for resuming the downside rally of the extended targets of the bearish harmonic formation as far as trading stabilizes below 61.8% level.
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 132.50 targeting 129.50 and stop loss above 134.60 might be appropriate.|