We preserve a short-term bearish outlook for the pair. Sellers failed to retake the 132.50 level on Tuesday. The major retreated to the 133.00 region after that. A new day brought fresh bearishness to the market. Sellers regained control and revisited the 135.50 handle in the European session. The resistance lies at 133.00, the support is at 132.50.
We still hold the view that the spot will continue its downward trajectory. Bears are keeping focus at 132.50 now. A move below this support may risk the 132.00 area.