The resistance of the descending channel halted the pair's upside attempts, thus the pair reversed to trade back below the 50 EMA affected by negativity on stochastic as well. Therefore, we expect an intraday downside move for today targeting 104.95 and 104.45, and breaching 104.45 will open the door toward 102.60. In general, stability below 106.30 is required for our expectations to remain valid.
The trading range for the day may be among the 102.60 support and 106.30 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 hourly closing below 104.95 targeting 103.15 and stop loss with hourly closing above 105.60 may be appropriate.|