The pair settled for 50% of the suggested targets we mentioned yesterday after the support of the symmetrical triangle halted the downside move, and the pair rebounded to the upside as shown in image. The pair is attempting to retest the pivotal level around 113.65 where stochastic is oversold, and this is what make us expect an intraday bearish move for today targeting initially 112.00 and 111.00 while stability below 113.65 is required for this expectation to be valid.
Trading range for the day is among the major support at 110.70 and the major resistance at 113.65.
The short term trend is to the downside targeting 100.00, as long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 113.65 targeting 111.60 and stop loss above 114.85 may be appropriate.|