The pair managed to settle below 110.25, and this pushed it toward 108.20 supported by the negative pressure from the 50 EMA. These factors hint more downside intraday movement. Mainly targeting 107.10 and 106.10, breaching back above 110.25 may delay achieving the awaited targets.
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 around 109.90 targeting 107.10 and stop loss above 110.90 may be appropriate.|