The pair has been able to touch the SMA 50 which provided it with some kind of support during the Asian session. Thereby, the pair retraced mildly upwards but it is still trading comfortably below the key resistance levels between 1.3230 and 1.3250. At the same time, Stochastic continues showing overbought signs suggesting that the pair is currently gathering the momentum it needs to breach through SMA 50. To recap, our bearish scenario remains intact so long as SMA 100 at 1.3375 holds as a risk limit.
The trading range for today is among key support at 1.2970 and key resistance at 1.3375.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.3200 targeting 1.2970 and stop loss above 1.3375 might be appropriate.|