After approaching to 102.00 level, the pair rebounded and continued trading around the support of the descending channel shown on image. Yesterdays' closing was below this support, thereby we expect the continuation of the downside move over intraday basis, however it may be preceded by some fluctuations and upside attempt for a possible retest of 104.05 before heading to the awaited targets at 102.35 followed by 101.35. Breaching 104.05 may signal the start of the bullish move.
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 104.05 targeting 102.35 and stop loss above 105.10 may be appropriate.|