Resuming our technical classical series for the pair, which we started with the opening of this week, we see how the pivotal resistance around 114.00 zones forced the pair to move downwards violently as we anticipated yesterday. Additionally, the pair came below SMA 50, confirming that the retesting action of the previous broken uptrend line of the bullish rally from 106.80 might have been ended. RSI and Vortex are showing negative signs, supporting negative outlook.
The trading range for today is among key support at 111.05 and key resistance now at 114.75.
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 113.25 targeting 111.60 and stop loss above 114.80 might be appropriate.|