The pair declined sharply to completely breach 76.4% Fibonacci correction at 110.25 as shown in image, while the pair is fluctuating around the level for a retest. The pair is still pressured by the bearish technical pattern that was completed by breaching the neckline at 113.65. Therefore, we expect continuation of the intraday downside move today targeting 108.75 followed by 107.55. Stability above 110.25 may delay the awaited targets.
Trading range for the day is among the major support at 107.55 and the major resistance at 112.00.
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 around 110.25 targeting 108.20 and stop loss above 111.10 may be appropriate.|