The pair is fluctuating around the 76.4% fibonacci retracement at 110.25, without achieving a daily closing yesterday below the level. Trading remains under downside pressure in general where the 50 EMA continues to pressure intraday and short term trading. While stability below the breached pivotal support at 113.65 hints to more bearishness over intraday basis targeting 107.10. Two conditions are required to achieve the targets; stability below 110.25 and steady trading below 111.25.
Trading range for the day is among the major support at 107.10 and the major resistance at 111.85.
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 hourly closing below 110.25 targeting 108.20 and stop loss above 111.25 may be appropriate.|