The pair started to lose its upside correction steam since the middle line of Keltner channel succeeded in pushing it downwards as seen on the provided daily chart. Additionally, it started to breach through 50% Fibonacci of CD leg of our captured bearish harmonic butterfly pattern. All what we need now is a four hour closing below 134.50 zones to make sure that the bearish effect of the harmonic structure will continue dominating the movement. The potential resistance resides around 137.30 and it should be the ceiling for the expected bearishness over intraday basis.
The trading range for today is among key support at 131.60 and key resistance at 138.40.
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 135.25 targeting 132.40 and stop loss above 137.30 might be appropriate.|
The previous broken support around 120.70 proved its solidity pushing the pair to the downside. At the same time, SMA 50 has added further negative pressure on the pair and thus, this retesting action which was followed by the aforesaid declines argue us to suggest potential downside move over intraday basis. A break of the initial support of 119.10 will bring panic sell-off actions, retargeting 116.80 zones once more.
The trading range for today is among key support at 115.90 and key resistance now at 122.75.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 119.95 targeting 116.80 and stop loss above 121.75 might be appropriate.|
The royal pair continued moving upwards achieving continuous four hour closings above SMA 50 and also above 261.8% Fibonacci projection of CD leg of our efficient bullish harmonic "5-0" pattern as seen on the provided four hour chart. In the interim, AROON is giving off an obvious positive sign, confirming the solidity of the bullish trend started at 0.8730 zones on Tuesday. Thereby, we still see chances for achieving more upside movements over intraday basis, targeting 361.8% at 0.8950 zones. Areas of 0.8780-0.8730 should be the floor of intraday trading.
The trading range for today is among the key support at 0.8730 and key resistance now at 0.9030.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.