The pair maintains daily closing below the resistance level we mentioned in our previous reports and shown in image above. While the 50 EMA continues to pressure the pair negatively, therefore, we expect the pair to approach the pivotal horizontal support at 108.30, where breaching this level will open the door for more intraday upside movement, which requires steady daily closing below 110.40.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.40.
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 110.40 targeting 108.90 and stop loss with hourly closing above 111.00 may be appropriate.|