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Recording 124.80 as a low of the Asian session has proved the efficiency of our caught bearish harmonic butterfly pattern which we followed since the price was 139.95 as this low was very close to our proposed technical target of the bearish journey of reaching the extended targets at 123.95-161.8% projection of CD leg-. Anyway, Stochastic started to give off signs of oversold case; thus, we may witness more fluctuation today before moving downwards once more towards 161.8% level since Vortex is still reflecting the strength of the bearish trend inside the descending channel. Breaching through 125.80 will be a strong catalyst that will send the pair rapidly to the target.
The trading range for today is among key support at 123.95 and key resistance at 131.05.
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 127.20 targeting 123.95 and stop loss above 129.45 might be appropriate.|