On the chart above, we can see that the pair breached pivotal support levels within the short term descending channel. In addition to the negative pressure coming from the 50 EMA over intraday basis. Accordingly, we expect a downside move today targeting mainly 107.55. Positivity on stochastic may form an obstacle against the downside move and may lead to some fluctuations before heading toward the awaited targets.
The trading range for the week may be among the major support at 120.00 and the major resistance at 126.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 110.05 targeting 108.00 and stop loss with four-hour closing above 110.85 may be appropriate.|