The pair settled above the support of descending channel which is directing trading over the short term, while Stochastic enters overbought area at the same time the pair is close to retest the previously breached support shown on image. Accordingly, we expect an intraday downside move for today targeting the support of descending channel around 102.30. The expectations will remain valid so long as 104.00 remains intact.
The expected trading range for the day is among the key support at 99.40 and the key resistance at 104.30.
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 104.00 targeting 102.30 and stop loss above 105.10 may be appropriate.|