The pair continued its negative pressure in order to breach pivotal support shown in red in the image above, where it has currently turned into resistance at 1.2360. We expect this level to be retested due to the positive effect of momentum indicators, followed by continuing the bearish intraday trend and initially targeting key support 1.2180. It is vital that the four hour closing continues below 1.2360 to maintain the suggested scenario.
The trading range for today is among the key support at 1.2180 and the key resistance at 1.2470.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Previous Report Weekly ReportSupport1.22701.22301.21801.21401.2125Resistance1.23601.24101.24701.25451.2615RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.2360 targeting 1.2180 and stop loss above 1.2470, might be appropriate.