The pair is fluctuating within a narrow range since yesterday settling below 105.00, where stochastic is overbought over four-hour basis. Therefore, we hold onto our bearish bias for today which requires a clear breach of 103.85 level, and stability below 105.75.
The expected trading range for the day is among the key support at 101.35 and the key resistance at 105.75.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 104.95 targeting 102.85 and stop loss above 105.75 may be appropriate.|