Finally, the pair closed below the minor support at 108.00 , where by breaching the level more downside movement became more possible. A touch of 106.95 may be possible as well or maybe 105.60(the levels are illustrated on the above chart). These expectations depends mainly on trading below 109.05,in fact we prefer stability below 108.35.
The trading range for today is expected among the key support at 104.40 and the key resistance at 112.00.
The short term trend is to the downside as far as 123.65 remains intact with targets at 100.00.
|Recommendation||Based on the charts and explanations above we recommend selling the pair below 108.00 targeting 106.15 and stop loss with four-hour closing above 109.05 may be appropriate.|