The pair is fluctuating within a narrow range since yesterday to settle below 105.00, if we zoom into the hourly chart-the minor image- we will notice that trading is confined within a symmetrical triangle continuation pattern, which is a negative sign and supports the continuation of the downside movement over intraday basis. Stochastic supports bearishness as well, while stability below 106.20 is required for our expectations to remain possible.
The expected trading range for the day is among the key support at 101.35 and the key resistance at 106.20.
The short term trend is to the downside so far as 123.30 remains intact targeting 94.80.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with hourly closing below 104.75 targeting 102.85 and stop loss with hourly closing above 105.45 may be appropriate.|