The pair is still trading within the descending channel as seen on the provided chart, while being negatively pressured by SMA 50. Thereby, the bearishness is still in favor over intraday basis, supported by Stochastic of the daily basis. Technical targets are seen at 108.90 as far as 111.25 remains intact.
The trading range for the day may be among the major support at107.55 and the major resistance at 112.00.
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 111.25 targeting 108.90 and stop loss with four hour closing above 112.00 might be appropriate.|