The pair is trading within a narrow range and with a slight upside bias that is pulling the pair towards a retest of the breached pivotal support at 106.20. Stochastic is overbought, therefore, we hold onto our bearish expectations for today targeting initially 103.00 and 102.05 and requires steady daily closing below 106.20.
The trading range for the day is expected among the key support at 99.80 and the key resistance at 107.20.
The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 106.20 targeting 104.25 and stop loss with four-hour closing above 107.20 may be appropriate.|