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Yesterday's anticipated collapse has formed a long black candlestick pattern as seen on the provided daily graph. This candlestick succeeded in sending the pair below 76.4% Fibonacci of CD leg for our captured bearish harmonic butterfly pattern where it closed below the middle line of Keltner channel. Thus, we hold onto our bearish predications over intraday basis retargeting the full correctional level of the aforesaid leg. Note that areas of 131.20 might slow down the bearishness since 88.6% retracement resides there.
The trading range for today is among key support at 128.40 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 132.60 targeting 130.05 and stop loss above 134.55 might be appropriate.|