While writing the is report, the pair is attempting to confirm the breach of 108.00 level. This is a negative sign despite that momentum indicators are within oversold areas, however the awaited breach will negate any oversold stance; accordingly we expect more bearishness, targeting initially a test of 106.95 level followed by 105.60 if the first is breached. The pair is approaching a critical juncture; therefore, we advise reviewing the More Analysis link for more details.
The trading range for the week may be among the major support at 104.40 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 below 108.35 targeting 106.15 and stop loss above 110.05 may be appropriate.|