The pair touched the 50% Fibonacci retracement level of XA of the suggested Bat pattern, however, the pair failed to stabilize above this level at 114.90. Therefore, we will keep our negative expectations for the pair today, where stability below 116.30 is necessary for our expectations to remain valid.
Trading range for the day is among the major support at 111.60 and the major resistance at 116.90.
The short term trend is to the downside as long as 132.50 holds targeting 97.90.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 115.00 targeting 112.10 and stop loss above 116.30 may be appropriate for today.|