The pair failed to stabilize above the pivotal level we mentioned yesterday at 104.35, to decline again and form a possible negative technical pattern over intraday basis, the pattern is the result of two failed attempts to stabilize above the aforementioned level. Therefore, we recommend neutrality today, where the negative pressure from stochastic and the 50 EMA along with the negative technical pattern may push the pair to resume the downside trend.The levels we should watch today are 103.25 support and 104.90 resistance.
The expected trading range for the day is among the key support at 101.75 and the key resistance at 105.30.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
Support103.25102.75102.30101.75101.35Resistance103.65104.05104.40105.10105.75RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.