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.
Support: 131.60, 131.05, 130.50, 129.40, 128.40
Resistance: 133.15, 133.65, 134.20, 134.80, 135.50
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.
The previous expected fluctuation continued dominating the movements where the pair is achieving volatile movements within a tight range due to the positivity of Stochastic. At the same time, the bearish trend which started at 0.9040- the PRZ- of our efficient bearish Gartley pattern might continue due to the negative sign of AROON. Hence, we should be patient until a breakout occurs below 0.8730-0.8715 areas to make sure that the pair will move downwards after unloading Stochastic sign. Carefully note that the four hour interval offers a negative sign on its RSI 14 and that may assist the pair to breach the aforementioned levels on its way towards 0.8660- 50% of CD leg- followed by 0.8570.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8915.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
Support: 0.8750, 0.8730, 0.8715, 0.8680, 0.8655
Resistance: 0.8820, 0.8850, 0.8875, 0.8900, 0.8915
Recommendation Based on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8730 targeting 0.8580 and stop loss above 0.8820 might be appropriate.