The pair acquired a daily closing below the major bottom at 103.75 which forms a pivotal support for intraday trading. Accordingly, the downside pressure may continue specially that the 38.2% Fibonacci correction halted very well the upside attempts as shown on image. Therefore, downside targets reside at 102.85 followed by 101.35. The resistance levels among 105.30-105.75 should remain intact 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 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 with hourly closing below 103.75 targeting 101.35 and stop loss with hourly closing above 104.55 may be appropriate.|