The downside pressure continues, and the pair settled below 110.00 barrier, while stochastic continues to provide negative signs over daily basis that pushes the pair to gradually reach the sensitive intraday support at 108.90. In addition to the negative pressure from the 50 EMA. Therefore, we expect the downside bias to continue and requires to conditions , a clear breach of 108.90 and stability below 110.75.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.75.
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 a breach of 108.90 targeting 107.10 and stop loss with hourly closing above 109.70 may be appropriate.|