Narrow trading dominates the pairs' movement as well since yesterday although it managed to breach the pivotal level at 111.00, where trading is settled below the resistance of the minor ascending channel shown in image. In additions to that, momentum indicators are clearly overbought, therefore, we expect an intraday downside move for today and requires two conditions, trading back below 111.00 and 111.70 to remain intact.
The trading range for the day is among the major support at 108.90 and the major resistance at 112.70.
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 111.70 targeting 109.60 and stop loss above 112.70 may be appropriate.|