The pair declined once again and signs of a negative pattern are starting to show with trading below 126.20. At the same time, the 38.2% correction above at 125.25 prevented the pair from further downside movement; the move was accompanied by Stochastic entering oversold areas and RSI below 50. Accordingly, we remain neutral on the pair today until it confirms the exit from the area among 126.20 and 125.25.
The trading range for today is expected among the key support at 123.65 and the key resistance at 128.35.
The short term trend is to the downside as far as 132.50 remains intact with targets at 115.00.
|Recommendation||Based on the charts and explanations above our opinion is waiting for more signals to confirm the coming direction|