The pair was able to achieve the suggested bearish scenario yesterday as it neared the initial key target around 1.2570, but managed to currently push for some bullish correction due to the positive signs which are appearing on momentum indicators that we think will build a base on 1.2685, before heading towards resuming the expected bearish intraday direction. The upcoming targets are around 1.2470, which require the daily closing below 1.2730 - 1.2770 to prevail.
The trading range for today is among the key support at 1.2470 and the key resistance at 1.2770.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.2685 targeting 1.2570 and stop loss above 1.2770, might be appropriate.|