Narrow trading continued to dominate trading since yesterday, however, the pair is still trading below the intraday resistance level at 111.20. Stochastic is loosing upside momentum approaching overbought area, therefore we will hold onto our bearish expectation for today targeting mainly 108.00. Breaching 111.20 may delay achieving the awaited target.
The trading range for the day is among the major support at 107.55 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 111.20 targeting 108.00 and stop loss above 112.70 may be appropriate.|