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The pair achieved the awaited negative daily closing below 88.6% Fibonacci retracement of CD leg for the bearish harmonic butterfly pattern as seen on the provided daily graph. Furthermore, Stochastic started to show the ability to crossover bearishly; whilst Vortex reflects a clear bearish case. Consequently, we still see chances for achieving additional bearishness as the pair is beating Fibonacci levels or rather the extended technical targets of the harmonic structure one after another. Breaching 130.05- the full correctional level- will bring panic sell-off actions over intraday basis.
The trading range for today is among key support at 127.60 and key resistance at 134.20.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support130.50129.40128.40127.60126.70Resistance131.60132.00132.50133.15133.65RecommendationBased on the charts and explanations above our opinion is, selling the pair around 131.20 targeting 128.40 and stop loss above 133.25 might be appropriate.