Stability below 111.80 confirms that the pair is gradually losing the upside momentum and accordingly we expect a bearish intraday move today affected by the negativity shown above. Stochastic currently provided a positive crossover which might cause fluctuation and some correction, yet in general trading below the suggested neckline for the bearish pattern at 111.80 keeps our scenario valid.
The trading range for today is among key support at 108.45 and key resistance now at 114.25.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair around 111.80 targeting 108.25 and stop loss with four-hour closing above 112.70 might be appropriate|