The pair started to stabilize below the neckline of the bearish classical pattern as seen on the provided four hour chart. SMA 50 is still negatively pressuring the pair and therefore, we hold onto our morning predictions for the rest of the day, targeting areas below the psychological levels of 120.00.
The trading range for today is among key support at 117.80 and key resistance now at 124.15.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
Support120.00119.80118.65117.85117.45Resistance121.05121.45121.95122.30123.15RecommendationBased on the charts and explanations above our opinion is, selling the pair around 120.95 targeting 118.65 and stop loss above 122.80 might be appropriate.