The pair declined , affected by negativity on momentum indicators to flcutuate around the 50 EMA approaching again the previously breached pivotal resistance at 104.95. Although stochastic is positive and the 50 EMA is supporting the pair , there is a possible bearish technical pattern that may complete by breaching 105.10-105.05. Therefore, we are facing conflicting technical signals that push us to stay aside and monitor trading around the aformentioned support and the 106.55 resistance.
The trading range for the week may be among the 104.00 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 staying aside awaiting more confirmations for the next move.|