The previous broken support around 120.70 proved its solidity pushing the pair to the downside. At the same time, SMA 50 has added further negative pressure on the pair and thus, this retesting action which was followed by the aforesaid declines argue us to suggest potential downside move over intraday basis. A break of the initial support of 119.10 will bring panic sell-off actions, retargeting 116.80 zones once more.
The trading range for today is among key support at 115.90 and key resistance now at 122.75.
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 119.95 targeting 116.80 and stop loss above 121.75 might be appropriate.|