The MA 50 is good resistance against the pair and preventing further upside movement, which is protecting the suggested bearish scenario in the previous reports. Signs of the Symmetrical Triangle are seen over four-hour basis and accordingly we hold onto the intraday bearish expectations for today targeting mainly 110.25 areas and require stability below 112.80 to prevail.
The trading range for today is expected among the key support at 110.25 and the key resistance at 113.65.
The short term trend is to the downside as far as 123.65 remains intact with targets at 100.00.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 112.45 targeting 110.70 and stop loss above 113.65 might be appropriate|