The upside correction extended yesterday to reach the 50% Fibonacci level around 102.80, where trading reversed to the downside to settle below 120.00 again. Stochastic is attempting to crossover negatively, thereby, we will hold onto our expectations for a downside move over intraday basis targeting initially the support of the descending channel around 100.90 and 100, followed by 99.40. While surpassing 102.80 will open the door toward more correctional potential
The expected trading range for the day is among the key support at 99.40 and the key resistance at 102.30.
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 102.30 targeting 100.90 and stop loss above 103.30 may be appropriate.|