The pair resumed the bearishness again, and we mentioned in our previous report that trading back below 109.15 shall resume the bearishness. Now, the pair is attempting to test 108.00 level again, where we need a four-hour closing below the level to confirm continuation of the negativity. In general, we will hold onto our bearish expectations so long as 110.05 remains intact.
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 with four-hour closing below 108.00 targeting 106.15 and stop loss above 110.05 may be appropriate.|