The pair maintains stability below the intraday resistance at 111.00, where stochastic is clearly overbought, therefore, we expect the resumption of the intraday bearish move supported by the negative pressure from the 50 EMA. The awaited targets mainly at 107.55. Stability below 111.00 is required for our expectations to remain valid.
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 111.00 targeting 108.95 and stop loss with hourly closing above 111.55 may be appropriate.|