The pair ended the day above the resistance level we mentioned previously at 110.40, and this may delay the awaited bearish scenario. At the same time, the 50 EMA continues to pressure the pair to the downside over intraday and short term basis, where stochastic is currently within overbought area and this supports the downside bias to resume, however we need more confirmation. Therefore, we recommend staying aside and observing trading during the upcoming period for more confirmations. Trading back below 110.15 will be a good bearish sign.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.55.
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 staying aside awaiting more confirmations for the next move.|