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The pair stabilized with a comfortable daily closing below 100% Fibonacci retracement of CD leg for the bearish harmonic butterfly pattern. This aforesaid level at 130.05 in addition to the upper line of Keltner channel are acting as solid resistance for the time being and they may send the pair lower once more over intraday basis. Stochastic is still attempting to achieve the awaited crossover sign supporting our negative outlook. In the interim, Vortex reflects a bearish case.
The trading range for today is among key support at 125.50 and key resistance at 132.50.
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 below 129.40 targeting 126.00 and stop loss above 131.60 might be appropriate.|