The pair encountered a strong support at 111.00 which halting the continuation of the downside move in addition to the positivity on momentum indicators. These factors in addition to beaching the pivotal support at 113.65 hint that the downside intraday move may continue today targeting initially 110.25. Stability below 112.30 is important for our expectations to be valid.
Trading range for the day is among the major support at 108.75 and the major resistance at 113.00.
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 with a breach of 110.80 targeting 109.55 and stop loss above 111.60 may be appropriate.|