108.00 support level managed to halt the downside attempts, where trading goes back around 109.00 again. While a new descending support over intraday basis has appeared-dashed red line- in addition to the persistent negative pressure from the 50 EMA, accordingly we expect more downside potential targeting mainly 106.10. Steady trading below 110.25 is required for our scenario to remain valid.
Trading range for the day is among the major support at 106.10 and the major resistance at 110.90.
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 109.30 targeting 107.10 and stop loss above 110.25 may be appropriate.|