The pair is fluctuating around the 50 EMA since yesterday, where it found support near the retest level at 104.95. A possible bearish technical pattern may be underdevelopment, with a neckline at 105.10, breaching this level will open the door toward more upside potential over intraday basis, targeting 104.00 and 103.15. Steady trading below 106.70 is required for our expectations to remain valid.
The trading range for today may be among the 113.95 support and 107.60 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with a breach below 105.10 targeting 103.15 and stop loss above 106.10 may be appropriate.|